May 6, 2011 / 12:11 PM / 7 years ago

UPDATE 1-Quadra FNX profit up on stake sale, copper price

(In U.S. dollars unless noted)

TORONTO, May 6 (Reuters) - Quadra FNX QUX.TO reported a higher first quarter profit on Friday, boosted by a gain from the sale of its stake in Gold Wheaton, higher copper prices and added production after the FNX deal.

The base metal miner’s earnings increased to $167.7 million, or 85 cents a share. That compared with $55 million, or 54 cents a share, in the same period of 2010.

When adjusted to remove one-time items, earnings were 27 cents a share.

Analysts, on average, had expected earnings of 35 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose to $268.8 million, up 36 percent from $197.5 million in the first quarter of 2010.

The company sold its shares in Gold Wheaton for $295 million during the quarter.

Quadra FNX owns mines in Canada, the United States and Chile, and has development projects in the Americas and Greenland. (Reporting by Julie Gordon; Editing by Derek Caney

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