UPDATE 2-Sherritt profit flat, held back by nickel prices

(Adds details from conference call, changes dateline from Ottawa)

TORONTO, April 30 (Reuters) - Sherritt International Corp (S.TO: Quote, Profile, Research, Stock Buzz) reported a flat first-quarter profit on Wednesday, as weaker nickel prices offset higher nickel shipments and stronger oil and cobalt prices.

The Toronto-based company, which has power, oil, metal and hotel investments in Canada, Cuba and Madagascar, earned C$89 million ($88.1 million), or 38 Canadian cents a share, in the quarter.

That compared with earnings of C$89.1 million, or 52 Canadian cents a share, in the year-before period when it had a smaller share count.

Revenue was C$314.2 million, up from C$310.1 million.

Nickel production rose to 3,749 tonnes from 3,514 tonnes, but realized prices plunged to C$12.93 a pound from C$21.84.

Cobalt production dipped to 407 tonnes from 434 tonnes as realized prices rose to C$46.13 a pound from C$30.02.

Oil and gas sales rose to C$87.5 million from C$58.4 million, as realized prices jumped 49 percent year-over-year. Coal revenue rose 56 percent to C$30.9 million.

Sherritt has been spending heavily to develop the Ambatovy nickel project in Madagascar, and is also wrapping up its acquisition of the rest of Royal Utilities Income Fund RU_u.TO, of which it previously owned 41 percent.