Reuters reported that HudBay Minerals Inc posted a higher quarterly profit as the company reaped the benefits of high metal prices.

Earnings for the quarter ended December 31 rose to CAD 24.5 million or 16 Canadian cents a share. That compared with earnings of CAD 7.2 million or 5 Canadian cents a share in the same quarter last year. Revenue rose to CAD 183.3 million from CAD 166.7 million.

HudBay, which produces copper, zinc and gold, said that its profit was hit by a foreign currency loss and rising costs. It will focus on exploration in 2011 as it looks to add more development projects to its portfolio.

(Sourced from Reuters)