UPDATE 1-First Majestic profit triples on higher shipments

Thu May 13, 2010 4:30pm EDT

* Q1 adj EPS C$0.06 vs est C$0.06

* Q1 sales up 27 pct at C$18.2

May 13 (Reuters) - Silver producer First Majestic Silver Corp's (FR.TO) quarterly profit more than tripled on higher shipments.

For the first quarter, net income was C$3 million, or 3 Canadian cents a share, compared with C$0.9 million, or 1 Canadian cent a share a year ago.

The company posted adjusted earnings of 6 Canadian cents a share.

Net revenue rose 27 percent to C$18.2 million.

Analysts on average were expecting the company to earn 6 Canadian cents a share.

First Majestic shipments rose 30 percent to 1.3 million ounces of silver equivalent at an average price of C$16.89.

The company said it expects significant reductions in smelting and refining costs, and similar reductions in total cash costs.

Shares of the company closed C$3.98 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (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))

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