November 4, 2010 / 11:52 AM / 7 years ago

UPDATE 1-Katanga posts Q3 profit on higher copper sales

* Q3 net income $21.1 mln vs loss $12.6 mln last yr

* Revenue up 70 pct at $129.4 mln

Nov 4 (Reuters) - Copper and cobalt producer Katanga Mining Ltd (KAT.TO) posted its fourth straight quarterly profit, helped by increased copper and cobalt sales.

Net income for the third quarter was $21.1 million, compared with a loss of $12.6 million a year ago.

Revenue came in at $129.4 million, up 70 percent from last year. Copper cathode sales rose 57 percent to $91.6 million.

Shares of Katanga, which has mining operations in the Democratic Republic of Congo, closed at C$1.47 on Wednesday on the Toronto Stock Exchange. They have more than doubled in value year-to-date. (Reporting by Gowri Jayakumar in Bangalore; Editing by Anne Pallivathuckal)

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