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Minera Frisco swings to net profit in Q1'16 despite lower gold production

Minera FriscoSAB de CV swung to a net profit of 32.5 million Mexican pesos inthe first quarter of 2016, from a loss of 457.7 million pesos a year ago.

The company's losses in foreign exchange dropped 48% to 276million pesos, and the loss of 234.4 million pesos on financial instruments ayear ago turned to a gain of 45.9 million pesos, according to the April 27statement.

Net sales for the quarter were down 1% year over year to3.41 billion pesos due to lower metal prices and a drop in gold production.

Lower cost of sales contributed to a 16% increase inoperating income to 502.3 million pesos.

Gold production in the quarter dropped 12% year over year to103,340 ounces, due to a decrease in output of 42% at and 39% atEl Coronel.

Silver production remained stable on a yearly basis at 2.3million ounces.

Copper concentrates production totaled 3,919 tonnes, up 4%year over year on the back of expansion at Tayahua.

Lead production decreased 4% to 5,704 tonnes due to a 5%decrease at Asientos and 14% decrease at , whilezinc production increased 3% to 18,455 tonnes as a result of 39% more output atTayahua.

As of April 27, US$1 wasequivalent to 17.43 Mexican pesos.