VANCOUVER - Quadra Mining Ltd. (TSX:QUA) has posted first-quarter earnings of US$79.8 million, up from $43.1 million a year ago on strong revenues boosted by high metal prices.
Quadra, based in Vancouver but active in the United States and reporting in U.S. dollars, said revenues were $198 million from the sale of 38.9 million pounds of copper and 32,314 ounces of gold. That compared with sales of $136.5 million a year ago.
On a per-share basis, Quadra earned $1.44, up from $1.13 in the first quarter of 2007.
Operating cash flow increased to $95.1 million from $41.6 million.
"The continuing volatility of the copper price and the associated mark to market adjustments to provisionally priced sales again impacted our earnings, this time positively, with the copper price across the quarter rising from $3.04 per pound on December 31, 2007 to $3.82 on March 31, 2008," stated CEO Paul Blythe.
"Of particular note is a positive price adjustment of $24 million related to fourth-quarter provisional sales that were finalized during the first quarter."
Quadra owns and operates the Robinson copper mine in Nevada, and owns the Carlota Copper development in Arizona, as well as the Sierra Gorda copper-molybdenum project in Chile.
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