Increased production from its Robinson Mine helped generate a 136% increase in quarterly profit for Quadra Mining Ltd. (TSX:QUA) for the period ending September 30.
Third-quarter profit rose to $48.7 million compared with net earnings of $20.6 million in the same period a year ago.
The increase was driven by higher revenue from increased sales of copper and gold during the period. The company sold 47% more copper and 133% more gold in its current third quarter than in Quadra's 2006 third quarter.
As a result, quarter-to-quarter revenue almost doubled to $135.6 million from $67.9 million.
For the year, Quadra expects to exceed its copper production forecast of 125 million pounds and gold production of 90,000 ounces.
Quadra's share price range during the past week: between $19.46 and $20.30; 52-week high: $20.30; 52-week low: $6.93.