March 10, 2011 / 12:05 AM / in 7 years

UPDATE 1-HudBay profit up on high metal prices

* EPS C$0.16 vs C$0.05 year-ago/estimates of C$0.19

* Revenue rises to C$183.3 million

TORONTO, March 9 (Reuters) - HudBay Minerals Inc (HBM.TO) posted a higher quarterly profit on Wednesday as the company reaped the benefits of high metal prices.

Earnings for the quarter ended Dec. 31 rose to C$24.5 million, or 16 Canadian cents a share. That compared with earnings of C$7.2 million, or 5 Canadian cents a share in the same quarter last year.

Revenue rose to C$183.3 million from C$166.7 million.

Analysts, on average, had forecast earnings of 19 Canadian cents a share on revenue of C$204.5 million, according to Thomson Reuters I/B/E/S.

HudBay, which produces copper, zinc and gold, said its profit was hit by a foreign currency loss and rising costs.

The Toronto-based miner said it will focus on exploration in 2011 as it looks to add more development projects to its portfolio.

HudBay shares closed down 1.94 percent at C$16.67 on Wednesday on the Toronto Stock Exchange. (Reporting by Julie Gordon)

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