October 27, 2010 / 12:50 PM / in 8 years

UPDATE 1-Sherritt quarterly profit hurt by higher costs

* Q3 adjusted EPS C$0.17 Vs C$0.19 a yr ago

* Q3 revenue up 13 pct to C$440.5 mln

TORONTO, Oct 27 (Reuters) - Diversified Canadian miner Sherritt International Corp (S.TO) said on Wednesday its quarterly profit fell, largely due to higher operating costs in its oil and gas, nickel and coal businesses.

Excluding an unrealized foreign exchange gain and an impairment charge, Sherritt said its third-quarter profit fell to C$49.1 million, or 17 Canadian cents a share, down from a year-earlier profit of C$55.9 million, or 19 Canadian cents a share.

Analysts, on average, had forecast earnings of 22 Canadian cents a share, according to Thomson Reuters I/B/E/S/.

The Toronto-based company, which primarily owns assets in Cuba and Madagascar, said its net income rose to C$57.6 million, or 20 Canadian cents a share, from C$55.9 million, or 19 Canadian cents a share, a year earlier.

Quarterly revenue rose 13 percent to C$440.5 million, on the back of higher commodity prices.

The Toronto-based company said its 40 percent owned, $4.5- billion Ambatovy nickel mine project in Madagascar is expected to begin operations in early 2011. The project is a joint venture with Japan’s Sumitomo Corp (8053.T), Korea Resources[KOREC.UL] and SNC-Lavalin Group Inc (SNC.TO). ($1= $1.03 Canadian) (Reporting by Euan Rocha, editing by Gerald E. McCormick)

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