November 15, 2010 / 2:25 PM / 7 years ago

UPDATE 1-Eastern Platinum's Q3 profit more than doubles

* Q3 EPS $0.01 vs $0.00 last year

* Q3 rev up 38 percent

Nov 15 (Reuters) - Eastern Platinum Ltd’s (ELR.TO) quarterly profit more than doubled, driven by higher sales of platinum group metals.

For the July-September quarter, the Canadian company reported net profit attributable to shareholders of $4.04 million, or 1 cent per basic share, compared with $1.8 million, or breakeven on a per-share basis, a year ago.

Revenue rose 38 percent to $38.1 million.

The company, which produces platinum group metals (PGM) that include platinum, palladium and rhodium, sold 37,798 PGM ounces in the quarter, up from 29,986 PGM ounces a year ago.

Eastern Platinum’s shares, which more than doubled in value this year, closed at C$1.88 on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (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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