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.
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.