UPDATE 1-Mexico's Penoles posts drop in first-quarter profit

Wed Apr 30, 2014 7:26pm EDT

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MEXICO CITY, April 30 (Reuters) - Mexican mining company Industrias Penoles on Wednesday said its profit in the first quarter fell 42 percent from the same period last year as sales sank due to lower metals prices.

The miner and metals processor, which runs the world's largest primary silver producer, Fresnillo, said it earned 1.236 billion pesos (US$95 million) in the first quarter compared with 2.142 billion pesos in the same period last year.

Penoles revenue in the quarter totaled 14.744 billion pesos, compared with 18.668 billion pesos in the same period last year, as prices of gold, silver, copper and lead all fell, the company said in a filing with the Mexican stock exchange.

(1$ = 13.06 pesos) (Reporting by Michael O'Boyle)