(Adds details of reported results, comments from company executive)
LIMA, Oct 30 (Reuters) - Peruvian precious metals miner Buenaventura said on Thursday that its net profit jumped 20 percent in the third quarter because of a recent acquisition, beating market forecasts.
The company’s reported income of $78.3 million, or 31 cents a share, came in slightly above the estimate of a single analyst of $69 million, according to Thomson Reuters I/B/E/S.
Two local analysts polled by Reuters last week said they expected Buenaventura to post a third-quarter loss.
The miner’s acquisition of Gold Field’s 51-percent stake in the Chucapaca gold project helped it boost its results, Buenaventura’s Vice President and Financial Manager Carlos Galvez said by telephone.
The purchase forced the company to put the estimated value of the proposed mine on its balance sheets as an asset, Galvez added.
The strong results followed a similar rise in year-on-year net profit in the second quarter, helping the company recover from two previous straight quarterly losses.
In the first nine months of the year, Buenaventura’s net income fell 55 percent on the year to $85.3 million, the company said in a statement.
Buenaventura’s chief executive told Reuters last week that he expects end-of-the-year net profit to come in positive after last year’s $288.4 million loss.
In the third quarter, the company’s earnings before interest, taxes, depreciation and amortization fell 15 percent to $200.8 million, the company said.
Third-quarter net sales fell 8 percent on the year on lower metal prices and a 5 percent slide in gold production, the company said. Silver output was up 6 percent.
The company is Peru’s biggest publicly-traded precious metals miner. (Reporting By Teresa Cespedes and Patricia Velez; Editing by Chris Reese and Cynthia Osterman)