August 12, 2010 / 1:57 PM / 7 years ago

UPDATE 1-Amerigo posts Q2 profit on higher production

* Q2 eps $0.01 vs loss of $0.02/shr yr ago

* Total rev up 80 pct

* Sees higher molybdenum production in Q4

* Sees Q3 copper production of 12 million pounds

Aug 12 (Reuters) - Canada’s copper and molybdenum producer Amerigo Resources Ltd ARG.TO reported a quarterly profit on higher production and firm prices, and said it sees higher molybdenum production in the fourth quarter. However, chairman Steven Dean said power costs continued to be high in the second quarter due to a particularly cold winter.

In the third-quarter, the company expects copper production of 12 million pounds.

For the second quarter, net income was $2.0 million, or 1 cent a share, compared with a net loss of $2.3 million, or 2 cent a share, a year ago.

Total revenue, net of smelter and refinery charges, was up about 80 percent to $32.4 million.

The company produced 11.51 million pounds of copper, up 20 percent from the year ago. Molybdenum production was up 56 percent at 155,755 pounds.

“We maintain a positive production outlook for the second half of 2010 and expect power costs to be contained in the upcoming quarters,” Dean said. Shares of the company were down 1 cent at 76 Candian cents Thursday morning on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Prem Udayabhanu)

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