Petaquilla Minerals profit falls to US$2.1 million, sales up in latest quarter

VANCOUVER - Petaquilla Minerals Ltd. (TSX:PTQ) reported a drop in its second-quarter earnings compared with a year ago despite higher sales as it was hit by a number of one-time charges.

The gold miner said it earned $2.1 million or a penny per share for the quarter ended Nov. 30 compared with a profit of $8.9 million or three cents per share a year ago.

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However, Petaquilla reported earnings from operations totalling $8 million, up from $3.4 million.

Revenue in what was the company's second quarter totalled $29.5 million, up from $25.3 million.

The latest quarter included $5.5 million in non-operating expenses including $2.3 million related to fighting off a hostile takeover attempt by Inmet Mining Corp. (TSX:IMN) and $1 million related to a financing arrangement.

The year-ago results included a gain of $5.7 million in non-operating income.

Gold production in the quarter increased 12 per cent to 20,025 ounces, while its cash cost per ounce fell 15 per cent to $444.

Petaquilla operates the Molejon gold project in Panama and has exploration operations in the Iberian Pyrite Belt in Europe.

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