May 13, 2010 / 1:18 PM / in 8 years

UPDATE 1-Quadra profit rises as output, prices increase

* Q1 EPS 55 cents vs 40 cents a year earlier

* Q1 revenue up more than 80 pct to $192.9 mln (All figures in U.S. dollars, unless noted)

TORONTO, May 13 (Reuters) - Quadra Mining Ltd QUA.TO said first-quarter earnings more than doubled, boosted by strong copper prices and increased sales volumes from its Carlota mine in Arizona and its Franke Mine in Chile.

Quadra, which is in the process of acquiring rival FNX Mining FNX.TO, said profit rose to $55.6 million, or 55 cents a share, from $26.7 million, or 40 cents a share, a year earlier. Shares outstanding were up 50 percent.

Excluding the impact of derivative losses, gains on marketable securities and tax adjustments, the company reported earnings of $55.7 million, or 56 cents a share, up from $33.8 million, or 51 cents a share, a year earlier.

Revenue rose more than 80 percent to $192.9 million, driven primarily by increased copper output and stronger copper prices.

Quadra said it sold 47.6 million pounds of copper at an average price of $3.32 per pound in the first quarter, compared with sales of 40.4 million pounds at an average price of $1.56 per pound a year earlier. ($1= $1.05 Canadian) (Reporting by Euan Rocha; editing by John Wallace)

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