Quadra Mining reports 30% drop in Q3 net income

The Canadian gold and copper miner blamed lower-than normal sales volumes for the result

TORONTO (Reuters) - 

Quadra Mining (QUA.TO: Quote) said on Monday its third-quarter net income fell almost 30%, due to lower than normal sales volumes, along with other one-time items.

The Canadian copper and gold miner earned $14.7 million, or 15 cents a share, in the quarter ended Sept. 30. That compared with a profit of $20.8 million, or 31 cents a share, in the year-before period.

Revenue fell almost 25%, to $87.2 million, largely due to lower average copper prices.

Excluding the impact of a derivative loss, a gain on marketable securities and tax adjustments, the company earned $21.4 million, or 23 cents a share. That compared with adjusted earnings of $17.4 million, or 26 cents a share, a year earlier.

The company had about 94.6 million shares outstanding in the third-quarter of 2009, while it had about 65.9 million shares outstanding in the year-ago quarter.

The Vancouver-based company operates three mines in the United States and Chile, and bought Centenario Copper earlier this year for its copper project in Chile.

Quadra, which said in August it should produce between 175 million to 180 million pounds of copper this year, eventually plans to produce 500 million pounds per year. (Reporting by Euan Rocha, editing by Dave Zimmerman)

© Thomson Reuters 2009 All rights reserved

SUBSCRIBE to Mineweb.com's free daily newsletter now.

Disclaimer

MINEWEB is an interactive publication, with rolling deadlines through each day, commencing in the Sydney morning,  and concluding, 24 hours later,  in the Vancouver evening.  If you believe your side of an issue deserves inclusion, but has failed to meet one of our deadlines, you are invited to notify the Editor in Chief in Johannesburg, and we will include you in our editing and expanding on our stories. Email him at alechogg@gmail.com

Print story      Email story      Subscribe to free newsletter

Back