August 2, 2016 / 3:54 PM / in 2 years

UPDATE 1-Mexico's Penoles posts jump in second-quarter profit

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MEXICO CITY, Aug 2 (Reuters) - Mexican miner Penoles on Tuesday reported a 15.7 percent rise in second-quarter net profit, compared to the same period a year earlier, helped by higher gold and silver prices and the exchange rate.

The miner and metals processor, which runs the world’s largest primary silver producer, Fresnillo, registered a profit of 639.3 million pesos ($35 million).

Penoles’ revenue rose 26.3 percent, compared to the year earlier period, to nearly 20 billion pesos.

In its report, the company said that gold and silver prices rose, while lead, zinc, and copper prices fell during the quarter, compared to the same period last year.

It also said a stronger dollar against the peso helped their sales as expressed in pesos.

Penoles shares have risen more than a third since Britain’s vote to leave the European Union, which pushed up metals prices.

$1 = 18.2575 pesos at the end of June Reporting by Joanna Zuckerman Bernstein; Additional reporting by Christine Murray; Editing by Phil Berlowitz

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