B2Gold Corp. (BTO.TO) on Monday said profit in the first quarter increased from last year amid higher gold prices.
Net income for the quarter grew to $14.55 million or $0.04 per share from $11.41 million or $0.03 per share last year.
Excluding some expenses and foreign exchange gains, adjusted net earnings were $20.7 million or $0.05 per share compared to $17.3 million or $0.05 per share last year.
Gold revenue increased to $63.87 million from $53.50 million.
Gold sales were 37,853 ounces at an average price of $1,687 per ounce compared to 38,754 ounces at an average price of $1,381 per ounce in the prior year.
The company projects gold production to grow to over 450,000 ounces per year by 2016.
"...we can continue to fund all of our planned development, exploration and capital expenditures in 2012 without requiring external funding, and end the year in a strong financial position. In addition, the company will continue to pursue accretive acquisitions and carry out our aggressive exploration programs," B2Gold said.
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