March 14, 2012 / 9:48 PM / 6 years ago

UPDATE 1-Capstone Mining profit misses on forex, tax losses

March 14 (Reuters) - Capstone Mining Corp’s quarterly profit missed analysts’ estimates as a surge in copper production was offset by higher expenses and the Canadian miner expects a modest increase in production in 2012.

Capstone expects to produce 80 million pounds of contained copper in 2012. It produced 78.3 million pounds of copper in concentrates last year.

Net income for the fourth quarter was $4.9 million, or 1 cent per share, compared with $8.5 million, or 4 cents per share, a year ago.

Gross sales revenue rose 24 percent to $65.6 million. Cash flow from operations halved to $11.1 million.

Analysts, on average, were expecting earnings of 3 cents per share on revenue of $64.3 million, according to Thomson Reuters I/B/E/S.

Capstone said fourth quarter profit was hit by a loss on foreign exchange of $4.7 million and income taxes of $6.4 million, along with share-based compensation of $1.3 million and general expenses of $3.9 million.

Shares of the company closed at C$2.93 on Wednesday on the Toronto Stock Exchange.

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