Los Quenuales Q1 profit down 18.9%

Peru's third largest zinc producer Los Quenuales, formerly Yauliyacu, posted a net profit of 30.6mn soles (US$9.38mn) in the first quarter of 2005, 18.9% lower than same-period last year, the company told the country's securities regulator Conasev. Revenue from mineral sales dropped 10.5% to 124mn soles and operating profit sank 17.6% to 48.2mn soles, largely because of the increased costs of producing lead concentrates, said Los Quenuales. In the first quarter of 2005, the company sold 100,559t of zinc concentrates, slightly higher than in 1Q04, 5,474t of bulk concentrates, 44% less than same-period 2004, and 6,100t of lead, a 53% increase year-on-year. Los Quenuales, owned by Switzerland's Glencore International, has the Iscaycruz underground mine in Peru's Oyon province and Casapalca in Huarochirí province. Iscaycruz churned out 152,686t of zinc and Casapalca 34,503t in 2004, according to information on Peru's energy and mining ministry website.