Mercator Minerals Posts Q2 Profit

  • Monday, August 16, 2010
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Canadian miner Mercator Minerals Ltd (ML.TO) posted a second-quarter profit, helped by higher copper and molybdenum sales and prices.
 
Vancouver-based Mercator posted a profit of $2.9 million, or 1 cent a share. That compares with net loss of $4.4 million, or 4 cents a share, last year.
 
Included in the results are a one-time charge of $6 million as an extraordinary item for the premium paid on the early redemption of notes issued by the company in 2007, and additional non-cash items of $10.1 million.
 
On an adjusted basis, the company earned $19 million in the quarter.
 
Revenue jumped more than two folds to $53 million.
 
Shares of the company, which have fallen 12 percent in the past three months, closed at C$1.81 Thursday on the Toronto Stock Exchange.

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