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HudBay Mineral swings to $3M profit in Q3 despite $14M drop in revenue

TORONTO – HudBay Minerals Inc. (TSX:HBM) has posted a profit in its latest quarter despite a drop in revenue as a result of lower copper prices sales volumes, the company said Friday.

The Toronto-based miner said net profit in the third quarter was $3 million, or three cents per share, reversing a loss of $5.4 million, also three cents per share, in the same period a year ago.

Revenue fell $14.4-million to $130.2 million, primarily due to lower copper sales volumes, mainly as a result of the planned permanent closures of the company’s Trout Lake and Chisel North mines in Manitoba in 2012 and lower metals prices compared with the third quarter of 2012.

That was partially offset by higher zinc, gold and silver volumes.

HudBay is an integrated mining company with assets in North and South America principally focused on the discovery, production and marketing of base and precious metals.

Stock in HudBay, which reported after markets closed, was down 32 cents, or 3.66 per cent, at $8.42 Friday on the Toronto Stock Exchange.