July 26, 2011 / 12:32 AM / 6 years ago

UPDATE 1-Inmet Q2 net falls 18 pct

* Q2 EPS C$0.86 vs C$1.22 a year ago

* Q2 rev up 38 pct to C$222 mln

July 25 (Reuters) - Canadian base metal miner Inmet Mining IMN.TO posted an 18 percent fall in quarterly profit on Monday, hurt by shipping delays.

The company said earnings were impacted by copper sales volumes lagging production volumes by a combined 3,000 tonnes at Cayeli and Pyhasalmi due to shipment timing.

Net income in the quarter ended June 30 fell to C$56 million, or 86 Canadian cents a share. That compared with a year-ago profit of C$68.5 million, or C$1.22 a share.

Gross sales rose 38 percent to $222 million. Costs almost doubled to $27.2 million.

The copper and zinc producer, which owns mines in Turkey, Finland and Spain, cut its 2011 Las Cruces cathode copper production objective from 50,200 tonnes to between 42,000 and 45,000 tonnes.

Shares of the company closed at C$70 on Monday on the Toronto Stock Exchange. (Reporting by Divya Sharma in Bangalore; Editing by Gary Hill) (divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net))

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