Inmet earnings reflect good metal market

Second-quarter earnings at Inmet Mining (IMN-T) were four times the profit the company earned in the second quarter of 2005.

Inmet posted earnings of $132 million ($2.74 per share) on revenues of $317 million in the quarter, against $31.6 million made on revenues of $158 million a year before.

For the half-year Inmet is showing net income of $188 million on revenues of $528 million. At last year’s half-pole the company had earned $60.5 million on revenues of $340 million.

Production was slightly lower but costs were significantly less than a year ago, while realized metal prices were up substantially.