Record sales and high mineral prices boosted first quarter results for Quadra Mining Ltd. (TSX:QUA).
The Vancouver-based copper and gold producer reported a 62% increase in quarterly revenue to $136.5 million for the period ending March 31, 2007. Revenue in the same period in 2006 was $83.9 million.
According to the company, the increase was due to higher copper and gold prices and higher copper and gold sales from Quadra's Robinson mine in Nevada.
The company sold 31% more copper and 26% more gold in the first quarter compared with the same quarter last year.
As a result, Quadra reported a quarterly profit of $43.1 million compared with a quarterly loss of $35.1 million in the first quarter of 2006.
The company recently announced a bid to acquire International Molybdenum Plc in an all share deal worth about $35.6 million.
Quadra Mining share price range during the past week: between $12.30 and $13.57; 52-week high: $13.73; 52-week low: $6.93.