April 27, 2011 / 1:18 PM / 7 years ago

UPDATE 1-Sherritt Q1 profit doubles on higher commodity prices

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April 27 (Reuters) - Diversified miner Sherritt International’s first-quarter profit more than doubled, helped by higher prices of nickel, coal and oil.

Net income rose to C$63.6 million ($66.8 million), or 22 Canadian cents a share, compared with C$29.4 million, or 10 Canadian cents a share, a year ago.

First-quarter profit includes an unrealized foreign exchange loss, after tax, of 1 Canadian cent a share, the company said.

Revenue at the company, which owns assets spread across Canada, Cuba, Pakistan and other countries, rose 30 percent to C$474.5 million.

Sherritt is involved in nickel, cobalt, coal, oil and gas production. It also owns interests in power generation facilities.

Shares of Toronto-based Sherritt closed at C$7.75 on Tuesday on the Toronto Stock Exchange. ($1 = 0.952 Canadian Dollars) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)

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