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Industrias Peñoles Q1 net income down 65% on higher costs


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Industrias Peñoles Q1 net income down 65% on higher costs

IndustriasPeñoles SAB de CV's net income dropped 65.4%, on a yearly basis, inthe first quarter to 404.3 million Mexican pesos, or 1 peso per share.

Net sales for the period, meanwhile, increased 24.7% yearover year to 19.43 billion pesos.

The higher sales were partially offset by higher cost ofsales, from cost of metals purchased to third parties and higher productioncosts.

Operating profit increased 18.2% on a yearly basis to 2.80billion pesos on the back of lower operating costs. The finance expense,however, was negatively impacted by the time value of hedging positions.

EBITDA for the quarter was up 19.8% year over year to 5.17billion pesos.

Production at the company's mining operations increased25.3% for gold to 7,449 kilograms, 1.6% for silver to 440,300 kilograms, 8% forlead to 19,327 tonnes, 11.9% for zinc to 70,173 tonnes, 17.8% for copper to2,311 tonnes and 11.1% for copper cathodes to 5,658 tonnes.

At the metallurgical operations, gold production increased35.5% to 13,361 kilograms, silver production increased 6.2% to 546,358kilograms, lead production was up 10.7% to 26,476 tonnes, and zinc productionincreased 18% to 45,718 tonnes.

Production from the chemical operations increased 3.1% forsodium sulfate to 181,614 tonnes, 6.1% for magnesium oxide to 18,684 tonnes,6.8% for ammonium sulfate to 53,270 tonnes, and 2.3% for magnesium sulfate to11,477 tonnes.

Sales volumes for the company were up across all commoditieswith gold and silver sales increasing 33.5% and 8.5% to 13,946 kilograms and540,468 kilograms. Sales of copper increased 28.3% to 6,853 tonnes and ofconcentrates jumped 60.3% to 68,997 tonnes. Lead sales were up 15.7% to 31,853tonnes and zinc sales improved 8.7% to 53,240 tonnes. Magnesium oxide saleswere up 29.2% to 12,696 tonnes.