VANCOUVER – Copper miner First Quantum Minerals Ltd. has reported lower fourth-quarter profits compared to a year earlier, when it booked a big gain on an investment sale.
The Vancouver-based company (TSX:FM) says net earnings were $ 76 million, or 16 cents per share, during the last three months of 2011.
During the same period a year earlier, First Quantum earned $ 454.7 million, or $ 1.12 per share. During that quarter, the company benefited from a $ 510.8-million sale of investments.
Quarterly revenues were $ 567.3 million, down from $ 707.8 million a year earlier.
Comparative earnings from operations, which strip out the effects of one-time items, were $ 78.9 million, or 78 cents per share, down from $ 143.3 million, or 35 cents per share.
First Quantum said the comparative earnings were affected by lower realized copper prices, lower sales volumes and inflationary cost pressures.
Local news from metronews.ca/vancouver
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