UPDATE 1-Sherritt first-quarter flat as nickel prices slump
Wed Apr 30, 2008 9:06am EDT
reuters.com
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OTTAWA, April 30 (Reuters) - Sherritt International Corp (S.TO: Quote, Profile, Research) said on Wednesday its first-quarter profit was flat amid a 41-percent drop in realized nickel prices and marginal revenue growth.
The Canadian mining and energy company earned a net C$89 million ($88.1 million), or 38 Canadian cents a share, compared with C$89.1 million, or 52 Canadian cents a share, in the year-before period when it had a smaller share count.
Sherritt, which has power, oil, metal and hotel investments in Canada, Cuba and Madagascar, said quarterly revenue was C$314.2 million, compared with C$310.1 million in the 2007 quarter.
Nickel production rose to 3,749 tonnes from 3,514 tonnes, but realized prices fell to C$12.93 a pound from C$21.84 a pound. Cobalt production dipped to 407 tonnes from 434 tonnes as realized prices rose to C$46.13 a pound from C$30.02 a pound.
Revenue from metals fell to C$162.3 million from C$204 million as earnings before interest, tax, depreciation and amortization fell to C$89.2 million from C$134.7 million.
Oil and gas production edged up while sales rose to C$87.5 million from C$58.4 million and EBITDA grew to C$68 million from C$41.1 million.
Coal revenue rose 56 percent to C$30.9 million and EBITDA of C$5.3 million compared to a loss of C$1.2 million in the same period last year. ($1=$1.01 Canadian) (Reporting by Susan Taylor; editing by Janet Guttsman) |
