Inmet profit falls to $67.7-millionThe Canadian Press
July 29, 2008 at 11:56 AM EDT
TORONTO — — Inmet Mining Corp. [IMN-T] says its net profit in the second quarter was cut in half as the company was squeezed by falling revenue and lower zinc sales.
Inmet said Tuesday it earned $67.7-million, or $1.40 a share, forthe three months ended June 30. That compared with earnings of$138.1-million, or $2.86 a share, for the same 2007 period.
Gross sales fell 12 per cent to $281.5-million from $320-million.
Inmet said net profit in the quarter was hurt by lower zinc prices, which cut sales by $53-million.
The company's bottom line was also affected by $18.6-million inforeign exchange losses, while the 2007 quarter benefited from a$12-million investment sale gain.
For the second quarter 2008 copper production was similar to 2007,while gold and zinc production was higher. For 2008, Inmet said itexpects to produce 93,100 tonnes of copper, 78,700 tonnes of zinc and268,400 ounces of gold.
Inmet employed 3,200 people at the end of 2007 and operates fourmines: the Cayeli copper-zinc operation in Turkey, Pyhasalmi inFinland, the Troilus open pit gold mine in northwestern Quebec and theOk Tedi copper mine in Papua New Guinea.