November 18, 2010 / 2:21 PM / 7 years ago

UPDATE 1-Canada's Mercator reissues Q3 results, lowers profit

* Q3 EPS $0.02, not $0.05

* Cuts Q3 revenue to $49.6 million, not $56.8 million

* Blames accounting error, says copper revenue overstated (In U.S. dollars unless noted)

TORONTO, Nov 18 (Reuters) - Mercator Minerals ML.TO said on Thursday it had lowered its third-quarter profit and was reissuing its quarterly financial reports due to an accounting error.

The copper, molybdenum and silver miner said it earned $3.49 million, or 2 cents a share, for the quarter that ended Sept. 30, and not $10.7 million, or 5 cents a share, as was reported on Monday.

On an adjusted basis, the company earned $7.7 million, not $14.8 million.

Revenue from copper, molybdenum and silver sales rose 189 percent over the same period of 2009 to $49.6 million, not $56.8 million.

Mercator blamed its new accounting system for the error, saying that revenue for two shiploads of copper concentrates was overstated in the period.

The Vancouver, British Columbia-based miner said production levels, operating costs and molybdenum revenue reported for the period were unaffected.

Mercator produced 9 million pounds of copper, 1.2 million pounds of molybdenum and 135,136 ounces of silver in the third quarter.

The miner’s shares rose 2.48 percent to C$3.35 on Monday on the Toronto Stock Exchange, after its third-quarter results were issued. Its shares closed at C$3.29 on Wednesday. ($1=$1.02 Canadian) (Reporting by Julie Gordon, editing by Maureen Bavdek)

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