May 7, 2012 / 9:33 PM / 5 years ago

UPDATE 1-Alexco Resources profit falls on weak metal prices

May 7 (Reuters) - Canadian miner Alexco Resource Corp’s quarterly profit fell 62 percent, hurt by lower metal prices.

First-quarter net income was C$1.3 million, or 2 Canadian cents per share, compared with C$3.4 million, or 6 Canadian cents per share, last year.

Revenue rose 21 percent to C$24.5 million.

Alexco said first-quarter silver production rose 30 percent to 581,808 ounces and said it expects to produce about 2.2 million to 2.5 million ounces of silver in 2012.

Alexco Resource’s shares, which have fallen 13 percent so far in 2012, closed at C$5.84 on Monday on the Toronto Stock Exchange.

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