Mexican mining company Industrias Penoles on Tuesday reported a 40.4 percent drop in second-quarter profit, despite a slight increase in revenue as investment costs rose and most metal prices fell.

The miner and metals processor, which controls the world’s largest primary silver producer, Fresnillo, said profit in the second quarter was 2.19 billion pesos ($165.09 million) versus 3.68 billion pesos ($277.41 million) in the same period in 2011.

General expenses rose for the quarter, as exploration investments jumped 86 percent, while sales costs increased 17.7 percent. Significantly lower metal prices for the quarter – silver and lead each down 22.9 percent, zinc down 14.5 percent and copper down 14.0 percent — also contributed to lower profits, Penoles said in its report to the Mexican stock exchange.

Still revenue rose 4.1 percent to 25.87 billion pesos ($1.95 billion) for the quarter, percent, boosted by a favorable exchange rate and higher gold prices.

Penoles spun off precious metals unit Fresnillo in 2008 and now focuses on base metals mining and refining.

Penoles stock was down 4.11 percent at 550.15 pesos per share in early afternoon trading on the local exchange.



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