08/14/2013 09:40 EDT | Updated 10/14/2013 05:12 EDT

B2Gold posts higher revenues and profits on royalty sale, increased production

VANCOUVER - B2Gold Corp. (TSX:BTO) posted a big jump in second-quarter earnings on a royalty sale as well as increased revenues.

The company earned $33.1 million, or five cents per share, up from $11.9 million, or three cents per share as gold revenue rose to $122.6 million from $57.3 million a year ago.

Sales rose despite a decrease in the average realized gold price because of increased production from the company's new Masbate Mine in the Philippines as well as from its Nicaraguan operations.

The revenue included a non-cash amount of $9.4 million related to the amortization of deferred revenue.

B2Gold also recorded cash proceeds of $45 million form the sale of its Brucejack royalty.

Adjusted net income, which excluded a number of one-time items including the Brucejack royalty, was $7.7 million, or a penny per share, compared with $20.8 million, or six cents per share, in the same period of 2012.

B2Gold has two mines in Nicaragua and one in the Philippines as well as a portfolio of development and exploration assets in Nicaragua, Colombia, Namibia and Uruguay.