April 25, 2013 / 12:30 AM / 7 years ago

UPDATE 1-Slim's Mexican mining firm Frisco Q1 profit rises 3.5 pct

MEXICO CITY, April 24 (Reuters) - Mexican miner Frisco , owned by billionaire Carlos Slim, said on Wednesday first-quarter profit rose 3.5 percent from a year earlier to 726 million pesos ($58.86 million), on improved gold and silver production.

Frisco’s first-quarter revenue jumped 39.3 percent to 3.15 billion pesos, the company said in a filing with the Mexican stock exchange.

It said gold production rose 31 percent to 76,980 ounces, and silver production jumped 47 percent to 1.95 million ounces.

Frisco said it also produced 3,508 tonnes of copper concentrate during the quarter, up 46 percent on the year-earlier quarter.

The mining company is Slim’s third-biggest holding behind telecom giant America Movil and financial services company Grupo Financiero Inbursa.

Shares of Frisco closed up 0.79 percent at 52.31 pesos on Wednesday before the results announcement.

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