Sherritt quarterly profit hurt by higher costs

Wed Apr 25, 2012 8:27am EDT
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(Reuters) - Diversified miner Sherritt International Corp (S.TO: Quote) said on Wednesday its first-quarter profit fell almost 50 percent, as higher raw material costs and lower nickel prices weighed on its results.

Toronto-based Sherritt, which has operations spread across Canada, Cuba, Madagascar, Pakistan and Spain, said net income in the quarter fell to C$32.3 million or 11 Canadian cents a share, down from a year-earlier profit of C$63.6 million, or 22 Canadian cents a share.

(Reporting By Euan Rocha; Editing by Gerald E. McCormick)