TORONTO — Hudbay Minerals Inc. reported a first-quarter profit of US$18.5 million, up from US$5.5 million a year ago, as its revenue rose nearly 80 per cent.

The Toronto-based mining company, which keeps its books in U.S. dollars, says its profit amounted to five cents US per share for the quarter ended March 31, up from two cents US per share in the same quarter last year.

Revenue for the quarter totalled US$525.0 million, up from US$295.2 million in the first quarter of 2023.

Consolidated copper production totalled 34,749 tonnes for the quarter, up from 22,562 tonnes a year earlier, while gold production in the quarter amounted to 90,392 ounces, up from 47,240 ounces in the same quarter last year.

On an adjusted basis, Hudbay says it earned 16 cents US per share in its latest quarter compared with a break even adjusted result per share in the first quarter of 2023.

Hudbay has operations in Canada, Peru and the United States.

This report by The Canadian Press was first published May 14, 2024.

Companies in this story: (TSX:HBM)

© 2024 The Canadian Press. All rights reserved., source Canadian Press DataFile