LIMA, Feb. 20 -- Peruvian tin mining company Minsur SA's (MINSURI1.VL) fourth-quarter net profit tumbled to 24.8 million soles ($9.24 million) from PEN259 million in the same quarter a year earlier, as revenue fell and the cost of sales increased.
Fourth-quarter sales totaled PEN413.3 million, down from PEN556.9 million in the year-ago period on lower sales volume, Minsur said in a filing to Peru's securities regulator. The company's cost of sales increased to PEN104.6 million in the fourth-quarter from PEN65.1 million.
Minsur, which is Peru's only tin producer, had a net profit of PEN794.8 million for the full year 2011, compared to PEN1.09 billion in 2010. The company's sales last year totaled PEN2.26 billion, compared to PEN2.35 billion in the prior year.
Minsur operates the San Rafael tin mine in the southern region of Puno and a smelter in the southern coastal city of Pisco. It exports 99% of its product.