May 11, 2011 / 10:24 PM / 7 years ago

UPDATE 1-Breakwater Q1 profit up on income tax recovery

* Q1 revenue down 30 pct at C$76.2 mln

* Sees 2011 capex of C$101.1 mln (Follows alerts)

May 11 (Reuters) - Breakwater Resources’ first-quarter earnings rose 24 percent, helped by an income tax recovery related to a mine in British Columbia, and the Canadian copper and zinc producer set its 2011 capital budget at C$101.1 million.

Quarterly earnings were C$30.8 million or 39 Canadian cents a share, compared with C$24.9 million or 36 Canadian cents a share, a year ago.

Breakwater, which has mines in Chile, Honduras and Canada, said its earnings included an income tax recovery of C$19 million, or 24 Canadian cents a share, related to its Myra Falls operations.

Gross sales fell 30 percent to C$76.2 million.

Analysts, on average, expected earnings of 26 Canadian cents on revenue of C$94.6 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$5.55 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Prem Udayabhanu)

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