First-quarter profits at Sherritt International Corp. have more than doubled as the miner and energy producer also enjoyed a big boost in revenue.
Toronto-based Sherritt said net earnings soared 116 per cent to $63.6-million or 22 cents per share, compared with $29.4-million or 10 cents per share in the same 2010 quarter.
Revenue was also up sharply at $474.5-million from $366.4-million in the 2010 quarter.
Net earnings for the quarter included an unrealized foreign exchange loss, after tax, of $3.2-million and equivalent to one cent per share.
That was due mainly to the impact of the change in value of the Canadian dollar relative to the U.S. greenback on the corporation's $700-million of U.S. dollar denominated partner loans for the Ambatovy nickel mining project in Madagascar.
Sherritt is a world leader in the mining and refining of nickel from lateritic ores, with projects and operations in Canada, Cuba and Indonesia as well as Madagascar.
The company is also the largest coal producer in Canada and is the largest independent energy producer in Cuba, with extensive oil and power operations across the Caribbean island.