April 27, 2010 / 12:58 PM / 7 years ago

UPDATE 1-Sherritt posts profit on nickel, oil prices rises

* Q1 EPS C$0.20 Vs yr-ago loss of C$0.15/shr

* Q1 revenue up 12.5 pct to C$393.3 mln

TORONTO, April 27 (Reuters) - Sherritt International Corp (S.TO) posted a first-quarter profit on Tuesday, as rising nickel, cobalt and oil prices helped the company overturn a year-earlier loss.

The Canadian miner and energy producer, whose main assets are in Cuba and Madagascar, earned C$59.7 million, or 20 Canadian cents a share, for the quarter ended March 31.

That compared with a loss of C$42.9 million, or 15 Canadian cents a share, for the year-before period, when the results were hit by a loss on oil and gas asset disposals.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 19 Canadian cents per share, before exceptional items.

The company posted operating earnings of C$82.6 million, up from C$27.8 million, a year ago.

Quarterly revenue rose 12.5 percent to C$393.3 million, driven by higher average realized prices for nickel, cobalt and oil.

Sherritt’s Cuban operations include nickel, oil and gas, and power generation, and it mines coal in Canada. Its main development asset is a 40 percent stake in the $4.5 billion Ambatovy nickel project in Madagascar. (Reporting by Euan Rocha, editing by Gerald E. McCormick)

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