August 13, 2009 / 10:40 PM / 9 years ago

UPDATE 1-Capstone Mining Q2 profit beats Street

* Q2 adj EPS $0.09 vs est $0.08

* Q2 cash flow from ops $0.12/shr

* Sees FY production 95-105 mln pounds of copper

Aug 13 (Reuters) - Capstone Mining Corp (CS.TO) posted a better-than-expected quarterly profit, helped by lower cost of production at its mines.

“Capstone’s two operations, the Cozamin and Minto mines, continued to deliver strong copper production during the second quarter of 2009 following commissioning of their most recent expansions in the prior quarter,” Chief Operating Officer Stephen Quin said in a statement.

For the second quarter ended June 30, the company reported earnings of $25.8 million, or 14 cents a share.

Adjusting for certain items, it earned 9 cents a share, compared with analysts’ expectation of 8 cents a share, according to Reuters Estimates.

It expects production of 95 million to 105 million pounds of copper in 2009, after producing 47.3 million pounds of payable copper in the first half of the fiscal.

Shares of the Vancouver, British Columbia-based company closed at C$3.11 Thursday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Pradeep Kurup)

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