TORONTO (miningweekly.com) - Toronto-based nickel and energy firm Sherritt International earned C$15,7-million in the second quarter, 36% lower than in the same period a year earlier, the firm reported on Wednesday.

However, the net income figure includes an unrealised after-tax foreign exchange loss of C$18,1-million and a C$15,3-million provision for income taxes in Cuba.

Operating earnings rose 68%, to C$86,9-million, and revenue increased to C$430,9-million, compared with C$358,8-million a year earlier.

Sherritt, led by CEO Ian Delaney, has nickel, gas, oil and electricity generation assets in Cuba and coal operations in Canada.

The company also owns 40% of the Ambatovy nickel project, in Madagascar, which is expected to start up next year.

In the second quarter, Sherritt sold 8,3-million pounds of nickel, one-million pounds of cobalt, 8,2-million tons of thermal coal, 1,1-million barrels of oil and 171 GWh.

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