SHANGHAI, Feb. 22 -- Peruvian tin miner Compania Minera Minsur SA said its fourth-quarter net income totaled 179 million soles ($63 million), compared with PEN99.1 million in the same quarter a year earlier. Fourth quarter net sales were up at PEN411 million, compared with PEN391 million in same period last year.
In the full year profits fell 24.8% to 693mn soles (US$243mn) in 2009 compared to 921mn soles the year before due to lower average tin prices and reduced sales volume, the company said in a statement. Sales revenue fell 35.5% to 1.42bn soles last year from 2.20bn soles, while operating profit was down 29.3% at 1.06bn soles.
Peru's only tin miner, Minsur operates the San Rafael mine in Puno region, and the Funsur smelter and refinery in Pisco region. The company produced 33, 920 tonnes of refined metal and 37,503 tonnes of tin-in-concentrate in 2009.