October 28, 2016 / 3:27 PM / 2 years ago

UPDATE 1-Mexico's Penoles reports over 10-fold jump in 3rd-qtr profit

(Adds details on rise, share price)

MEXICO CITY, Oct 28 (Reuters) - Mexican miner Penoles posted a 1.89 billion peso ($97 million) third-quarter profit on Friday, a more than ten-fold increase from the same period last year, thanks to higher metals prices and a weak peso against the dollar.

The miner and metals processor, which runs the world’s largest primary silver producer, Fresnillo, registered a net profit during the same period last year of just 155.6 million pesos.

Penoles said revenue rose to 20.65 billion pesos during the third quarter of 2016, up from 17.35 billion pesos in the third quarter of 2015.

In its report, the company said that gold, silver, zinc and lead prices rose considerably, with silver up over 27 percent during the quarter. Copper prices, however, fell.

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

Shares in Penoles were down 0.6 percent in early trading, at 476.87 pesos per share.

$1 = 19.382 pesos at end of September Reporting by Joanna Zuckerman Bernstein and Alexandra Alper; Editing by Chizu Nomiyama and Dan Grebler

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