May 2, 2012 / 9:33 PM / 6 years ago

First Quantum operating profit falls on copper price

May 2 (Reuters) - First Quantum Minerals Ltd’s quarterly operating profit slid 42 percent on lower average copper prices and sales volumes, the base metals miner said on Wednesday.

Adjusted to remove one-time items, profit in the first quarter, ended March 31, was C$119 million ($120.32 million), or 25 Canadian cents a share, compared with C$206.7 million, or 48 Canadian cents a share, in the first quarter of 2011.

Net earnings attributable to shareholders were C$1.3 billion, or C$2.82 a share. That compared with C$206.7 million, or 48 Canadian cents a share, in the year-before period.

Revenue rose slightly to C$708.8 million on nickel revenue from the Ravensthorpe mine in Australia.

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