(In U.S. dollars, unless noted)
TORONTO, May 13 (Reuters) - Quadra Mining QUA.TO said on Tuesday its first-quarter profit jumped 85 percent on higher copper prices and byproduct gold sales, and the company said it hoped to expand through acquisitions.
Net profit was $79.8 million, or $1.41 a share, in the three months ended March 31. That was up from $43.1 million, or C$1.12 a share, in the year-before period.
In a statement, Chief Executive Paul Blythe said the company had $305 million in cash, and would pursue takeovers.
“The company’s balance sheet is robust and we are well positioned to pursue further M&A opportunities and continue with the execution of our growth strategy,” he said.
Quarterly revenue leapt to $198 million from $136.5 million, boosted by $24 million from a higher re-pricing of copper sold in the fourth quarter but settled in the first quarter.
Copper sales slipped to 38.9 million pounds from 40.5 million pounds in the year-earlier quarter.
Cash costs per pound of copper produced fell to $1.01 a pound from $1.22 a pound, when factoring in gold byproduct sales.
Quadra mines copper from the Robinson mine in Nevada, and also owns projects in Arizona, Chile and Greenland.
It said its Carlota mine in Arizona was on schedule to produce its first copper cathode in the fourth quarter.
The company’s shares were down 2 Canadian cents at C$26.29 on the Toronto Stock Exchange just after the open. (Reporting by Cameron French; Editing by Bernadette Baum)