November 1, 2010 / 9:55 PM / in 7 years

UPDATE 1-Breakwater Q3 results beat est on high metal prices

* EPS C$0.28 vs est C$0.17

* Gross rev up 30 percent to C$93.3 mln

Nov 1 (Reuters) - Canadian miner Breakwater Resources Ltd’s BWR.TO quarterly profit beat estimates, helped by higher metal prices.

The Toronto-based mining company posted third-quarter earnings of C$19.6 million, or 28 Canadian cents a share, compared to C$6.5 million, or 10 Canadian cents, last year.

Gross revenue for the company, which has three mines in Chile, Honduras and Canada, rose 30 percent to C$93.3 million.

A 20 percent rise in the price of zinc -- which contributes about 35 percent of the company’s sales -- and a 41 percent rise in copper prices helped results.

Analysts on average were expecting the company to earn 17 Canadian cents a share, on revenue of C$87.8 million, according to Thomson Reuters I/B/E/S.

On Oct. 5, strikers halted operations at Breakwater’s zinc mine, Toqui, in Chile “indefinitely,” after wage talks broke off, but the parties reached a settlement in a week. [ID:nWNAB3485]

The company’s shares, which have gained about 5 percent since the it reached a settlement with its workers, closed at C$5.96 on Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed and Arnika Thakur in Bangalore; Editing by Don Sebastian) (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))

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below