LIMA, April 28 (Reuters) - Southern Copper Corp’s net profit dropped 34.5 percent to $185.1 million, or $0.24 per share, in the first quarter on slumping metal prices, the company said Thursday.
The result was better than the mean market estimate of $139.76 million, according to Thomson Reuters I/B/E/S.
The Phoenix, Arizona-based company said it produced 24.8 percent more copper in the first quarter compared with the same quarter in 2015 thanks to its expansion at its Buenavista mine in Mexico, setting a new record for the global miner with 221,661 tonnes.
Southern also reported record sales volumes of copper and silver that were offset by sharp price decreases for the metals.
The company owns mines in Peru and Mexico and is part of Grupo Mexico.
Reporting By Mitra Taj; Editing by Marguerita Choy