March 12, 2013 / 9:26 PM / 5 years ago

UPDATE 1-Mexican miner Penoles posts higher 4th-quarter profit

MEXICO CITY, March 12 (Reuters) - Mexican mining company Industrias Penoles on Tuesday reported a 71 percent rise in quarterly profit in spite of a drop in revenue as it paid lower taxes in the fourth-quarter of 2012.

The miner and metals processor, which runs the world’s largest primary silver producer, Fresnillo, said profit in the fourth quarter was 2.760 billion pesos ($214 million) vs. 1.614 billion pesos in the same period last year.

Revenue between October and December 2012 fell 13 percent compared with the previous year to 22.251 billion pesos, hurt by lower prices for metals excluding gold.

The company paid 1.680 billion pesos in taxes in the fourth quarter 2012, compared to 2.548 billion pesos in the year-earlier quarter.

Profit before taxes fell 8 percent to 5.407 billion pesos.

Penoles spun off precious metals unit Fresnillo in 2008 and now focuses on base metals mining and refining.

Penoles’ shares closed down 1.62 percent at 585.12 pesos.

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