UPDATE 1-Peru's Buenaventura's posts Q1 profit of $100.3 mln

(Recasts, adds revenue, prices, production and context)

LIMA, April 29 (Reuters) - Despite low metal prices, Peruvian miner Buenaventura (BUEv.LM) (BVN.N) posted a first-quarter net profit on Wednesday of $100.3 million, up from a $63 million loss in the same period a year ago.

The company took a one-time charge to unwind its gold hedges in the first quarter of last year, when metals prices were high. They have since sunk on the economic slowdown, and have slammed the balance sheets of miners the world over.

Buenaventura said its total revenues in the first quarter of this year fell 22 percent, versus the same period a year ago, to $177 million.

"These results are mainly explained by low metals prices," the company said.

The average price Buenaventura got for gold, including Yanacocha, Latin America's largest gold mine, fell 2 percent to $911 an ounce in the first quarter from a year ago, while silver prices dropped 28 percent and zinc and copper prices plummeted 51 percent and 55 percent, respectively.

Besides the mines it operates directly, Buenaventura holds minority stakes in Yanacocha and Cerro Verde (CVE.LM), a major copper pit.

Gold output in the quarter, including Yanacocha, rose 1 percent to 320,662 ounces. Lead and zinc productions fell 17 percent and 10 percent, respectively, while silver and copper outputs, including Cerro Verde, rose.

Peru, the world's sixth-largest producer of gold and second-largest copper producer, leads the world in silver output. (Reporting by Teresa Cespedes; Writing by Dana Ford; Editing by Christian Wiessner)