UPDATE 2-Semafo posts 18 pct rise in Q3 profit

* Q3 net income $13.4 mln vs $11.4 mln yr ago

* Gold production up 13 pct

* Gold sales up 16 pct

* Says will meet 2009 production outlook

* Shares rise 9 pct

(Adds details, analyst comments, updates stock movement)

BANGALORE, Nov 9 (Reuters) - Canadian gold miner Semafo Inc (SMF.TO) reported an 18 percent increase in quarterly profit, helped by improved production and higher sales.

Semafo said it would attain the upper bracket of its 2009 production guidance of between 220,000 and 240,000 ounces.

Jennings Capital analyst Stuart McDougall, who expects Semafo to produce about 250,000 to 275,000 ounces of gold in 2010, said the company should focus on improving its reserve base.