Vancouver's Rusoro Mining Ltd. (TSX-V:RML) reported its first quarterly profit in more than two years for the period ending March 31.
First-quarter net income rose to US$543,000 compared with a net loss of US$16.5 million. Revenue increased three-fold to US$30.2 million from US$11.7 million due in large part to a 144% increase in gold sold and a 6% increase in the average realized gold price.
The company sold 40,632 ounces at US$742 per ounce compared with 16,659 ounces sold at US$702 per ounce in the previous year's fourth quarter.
The company's bottom line also improved following a 60% cut in its general and administrative expenses to US$2.7 million from US$6.9 million.
For the year, the company expects to increase its gold production by 70% to 170,000 ounces, up from 100,000 ounces in 2008 at an expected per ounce cash cost of $400.
Rusoro's share price range during the past week: between $0.43 and $0.49; 52-week high: $1.40; 52-week low: $0.23.