Mexico's Penoles profits fall on lower metals prices
MEXICO CITY, April 30 (Reuters) - Mexican miner Penoles said on Thursday that its profit for the first quarter of the year fell 5.5 percent, hurt by a fall in gold and silver prices.
The miner and metals processor, which runs the world's largest primary silver producer, Fresnillo, reported a profit of 1.17 billion pesos ($76.5 million) in the quarter compared to a profit of 1.24 billion pesos in the same period a year earlier.
Penoles reported revenue of 15.59 billion pesos, up 5.7 percent from 14.74 billion pesos in the same quarter a year earlier.
The company also said silver prices were down 18.5 percent compared with the year-earlier quarter, while gold prices were down 5.8 percent.
Shares in the company were down 2.68 percent at 259.75 pesos per share in afternoon trading.
($1 = 15.2610 pesos at the end of March) (Reporting by Gabriel Stargardter; Editing by Diane Craft)
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