August 12, 2010 / 9:53 PM / 7 years ago

UPDATE 1-Equinox posts Q2 profit on higher prices, production

* Q2 EPS $0.10 vs loss/shr $0.06 last yr

* Q2 rev up 75 pct

Aug 12 (Reuters) - Equinox Minerals EQN.TO posted a second-quarter profit on the back of higher realized copper prices and production.

The company, which is currently focused on operating its Lumwana mine in Zambia, posted a quarterly net income of $73.4 million, or 10 cents a share, compared with a loss of $38.7 million, or 6 cents a share, last year.

Revenue rose 75 percent to $223.9 million.

Analysts on average were expecting the company to earn 11 cents a share, on revenue of $239.2 million, according to Thomson Reuters I/B/E/S.

During the period, copper production nearly doubled to 96.4 million pounds, with a realized price of $2.47 a pound, compared with 53.8 million pounds for $2.08 a pound, a year ago.

Copper production in Zambia rose by 16 percent in the first half of the year after mines increased output as the global economic crisis eased, the country’s central bank data showed. [ID:nLDE67215F]

Shares of the company, which have risen 25 percent in the last 3 months, closed at C$4.65 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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