Petaquilla reports fourth-quarter profit of $5.4 million. Second consecutive quarter in black for Canadian miner in Panama

Canadian gold producer Petaquilla Minerals said that higher sales revenue helped the company post its second consecutive quarterly profit in its most recent reporting period.

The miner, active in Panama and the Iberian peninsula, said fourth-quarter net profits amounted to $5.4 million or three cents per share. That compared with a net loss of $6.8 million or five cents per share in the same fiscal 2010 quarter.

Revenue from gold sales for the three months ended May 31 totalled $20.9 million, compared with $16.2 million in the same prior-year quarter.

Original source: Canadian Press