Pan American Silver profit falls on higher costs

Tue May 14, 2013 8:41am EDT
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May 14 (Reuters) - Pan American Silver Corp reported a drop in first-quarter earnings on Tuesday as the silver producer was hit by higher costs and a charge on the sale of certain gold assets.

Net earnings were $20.1 million, or 13 cents a share, down from $50.2 million, or 47 cents a share, in the year-ago period.

Adjusted to remove a non-cash charge related to the sale of three gold assets, earnings were 26 cents a share. On that basis, analysts' average estimate was 25 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 6 percent to $243 million on an increase in precious metal sales.