Capstone Mining reports net loss for Q3, in line with expectation

Sees 2009 production at lower end of prior view

(Reuters) - 

Capstone Mining Corp (CS.TO: Quote) posted a quarterly adjusted profit in line with market estimates, but said it expects full-year copper production at the lower end of its earlier outlook due to production delays at its mines.

The company forecast 2009 production of about 95 million pounds of copper, which is at the lower end of its prior view of 95 million to 105 million pounds.

Capstone's third-quarter sales were 24.6 million pounds of copper, higher that 17.8 million pounds in the second quarter, mainly due to two concentrate shipments from its Minto Mine, the company said in a statement.

For the latest quarter ended Sept. 30, Capstone reported a net loss of $10.3 million, or 5 cents a shares, compared with net income of $16.1 million, or 20 cents a share, a year ago.

Adjusting for certain items, it earned 9 cents a share. Analysts' mean profit view, before items, was 9 cents a share, according to Thomson Reuters I/B/E/S.

Cash flow for the quarter more than quadrupled to $36.6 million, or 19 cents a shares, helped mainly by low cost of production and improving metal prices, the company said in a statement.

Shares of Capstone closed at C$3.01 Wednesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Pradeep Kurup)

© Thomson Reuters 2009 All rights reserved

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