TORONTO, Nov 3 (Reuters) - HudBay Minerals said on Tuesday its third-quarter profit rose seven-fold, as higher gold prices and lower costs helped offset the impact of lower copper production and prices.
The Canadian miner said it earned C$20 million ($18.7 million), or 13 Canadian cents a share, in the quarter ended Sept. 30. That compared with a profit of C$2.8 million, or 2 Canadian cents a share, in the year-before period, when its results were hurt by a C$27 impairment charge.
Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 12 Canadian cents per share.
HudBay said revenue fell 21 percent to C$194.6 million, as realized copper prices declined 24 percent and output fell 25 percent. Zinc production slid 8.3 percent, while prices were flat year-on-year.
Gold production declined 15 percent, but sales of the metal increased, and the realized price climbed 9.4 percent.
($1=$1.07 Canadian)
(Reporting by Cameron French; editing by Rob Wilson) Keywords: HUDBAY/ (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Canadian miner said it earned C$20 million ($18.7 million), or 13 Canadian cents a share, in the quarter ended Sept. 30. That compared with a profit of C$2.8 million, or 2 Canadian cents a share, in the year-before period, when its results were hurt by a C$27 impairment charge.
Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 12 Canadian cents per share.
HudBay said revenue fell 21 percent to C$194.6 million, as realized copper prices declined 24 percent and output fell 25 percent. Zinc production slid 8.3 percent, while prices were flat year-on-year.
Gold production declined 15 percent, but sales of the metal increased, and the realized price climbed 9.4 percent.
($1=$1.07 Canadian)
(Reporting by Cameron French; editing by Rob Wilson) Keywords: HUDBAY/ (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
