May 18, 2010 / 4:00 PM / 8 years ago

UPDATE 1-Scorpio Mining posts Q1 profit on one-time gain

* Q1 EPS C$0.17 vs C$0.00, last year

* Q1 rev up 161 at C$6 mln

* Shares up 5 pct

May 18 (Reuters) - Canada’s Scorpio Mining Corp SPM.TO, which is engaged in exploration and development of mineral properties, posted first-quarter profit on a one-time gain, sending shares up as much as 5 percent.

The company posted net income of C$18.6 million, or 17 Canadian cents a share, compared with a net loss of C$397,119, or breakeven a share, a year ago.

Net earnings for the quarter include a non-recurring gain of C$19.8 million, Scorpio said in a statement.

The company, which is primarily focused on the development of its 100 percent-owned silver-zinc-copper-lead Nuestra Senora project in Mexico, said revenue for the quarter more than doubled to C$6 million.

Analysts on average were expecting breakeven earnings a share, according to Thomson Reuters I/B/E/S.

Shares of the company were trading up about 4 percent at 83 Canadian cents Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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