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MEXICO CITY May 3 Mexican miner and metals
processor Industrias Penoles on Wednesday posted a
444 percent year-on-year rise in first-quarter net profit to
2.196 billion pesos ($117.26 million), thanks to rebounding
metals prices and a weaker peso.
The company, which runs the world's largest primary silver
producer, Fresnillo, made 404 million pesos in net
profit during the first quarter of 2016, when it was hit by a
tripling of financial costs due to losses on options it bought.
In the 2017 quarter, higher prices for the metals that
Penoles produces drove a robust recovery. Silver, zinc and
copper all logged double-digit increases in the first quarter
from the same period a year earlier, the company said.
A weaker average peso in the first quarter compared with the
first three months of 2016 also helped, as the company sells
metals in dollars.
The company reported a 12 percent increase in revenue to
21.9 billion pesos, which helped offset a 33 percent rise in
Shares of Penoles were down 1.32 percent before the company
($1 = 18.7275 pesos on March 31)
(Reporting by Adriana Barrera and Mitra Taj; Editing by Leslie