Sherritt makes $93M in first half (August 28, 2006)

Strong revenues thanks to high commodity prices brought Sherritt International (S-T, SHERF-O) a net income of $57.2 million (36 per share) on revenue of $297 million in the second quarter of the year.

The result puts Sherritt $93 million ahead in the first six months of 2006, on revenue of $557 million. In 2005, second-quarter income was $36 million on $260 million in revenue, and the company had pulled in $579 million in revenue and made $89 million in income by the end of the first half.

The company is on track to produce 30,000 tonnes nickel in 2006.

Sherritt also redeemed $107 million in convertible debentures, leaving $193 million outstanding in its debenture issue (s.db.a-t). Those can be redeemed (for cash instead of shares) at Sherritt’s option starting in mid-December.