October 29, 2009 / 1:59 PM / 9 years ago

UPDATE 1-Lundin Mining reports thin profit, shares fall

* Q3 EPS $0.01 versus analysts’ forecast $0.07

* Revenue falls 11 pct to $171 mln

* Shares fall 2.6 percent (In U.S. dollars, unless noted)

TORONTO, Oct 29 (Reuters) - Lundin Mining (LUN.TO) reported a quarterly profit on Thursday that missed expectations and pulled the company’s shares down by 2.6 percent in early trading.

The Canadian base metals miner earned $3.7 million, or 1 cent a share, in the third quarter, ended Sept. 30. That compared with a loss of $199 million, or 51 cents a share, in the year-before period, when the company took a big writedown.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 7 cents a share.

“The result was a little below our own expectations owing to lower than expected sales volume and production,” Lundin Chief Executive Phil Wright said in a statement.

Quarterly revenue fell to $171.1 million from $191.9 million as production of copper, zinc, and nickel declined 12.6 percent, 55.1 percent, and 17.2 percent, respectively.

The company’s shares were down 11 Canadian cents at C$4.19 on the Toronto Stock Exchange on Thursday morning in an otherwise strong day for mining shares.

$1=$1.07 Canadian Reporting by Cameron French; editing by Peter Galloway

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