UPDTATE 1-Imperial Metals Q1 loss narrows

Wed May 12, 2010 6:14pm EDT

* Q1 loss/shr C$0.07 vs C$0.23 last year

* Q1 rev doubles

May 12 (Reuters) - Canadian miner Imperial Metals Corp (III.TO) posted a narrower first-quarter loss, helped by an improved performance in derivative instruments.

Net loss was C$2.5 million, or 7 Canadian cents a share, compared with C$7.3 million, or 23 Canadian cents a share, a year ago.

The company reported adjusted net income of 20 Canadian cents a share.

Revenue nearly doubled to C$69.4 million.

The company said losses on derivative instruments were C$1.1 million in the quarter compared to losses of C$12.2 million last year.

Cash flow more than doubled to C$10.0 million.

Shares of the company closed at C$20.10 Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Aradhana Aravindan) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.