Wesdome Gold profits jump 63% in Q3

The result was helped by increased production and stronger gold prices

(Reuters) - 

Wesdome Gold Mines Ltd (WDO.TO: Quote) reported a 63 percent jump in third-quarter profit, helped by increased production and stronger gold prices.

The company also said it would "easily exceed" its annual production outlook of 90,000 ounces of gold, while revenue for the full year could exceed C$100 million.

Wesdome said net income was C$3.6 million ($3.45 million), or 4 Canadian cents a shares, compared with a net income of C$2.2 million, or 2 Canadian cents a share, a year ago.

Revenue fell 3% to C$21.5 million.

Analysts on average were expecting earnings of 5 Canadian cents, according to Thomson Reuters I/B/E/S.

Shares of Wesdome, which have gained more than 37% in the last three months, rose 2 Canadian cents to C$2.42 Thursday morning on the Toronto Stock Exchange.

($1=1.045 Canadian Dollar) (Reporting by Amit Kumar in Bangalore; Editing by Ratul Ray Chaudhuri)

© Thomson Reuters 2009 All rights reserved

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