October 27, 2017 / 9:10 PM / a year ago

UPDATE 1-Mexico miner Penoles' profit jumps on lower tax bill

(New throughout, adds details on miner's performance, share price)

MEXICO CITY, Oct 27 (Reuters) - Mexican miner Penoles on Friday reported a third-quarter profit of 2.78 billion pesos ($153 million), up nearly 50 percent from the same quarter last year, though revenue fell on mixed prices for metals.

Penoles said revenue for the quarter fell about 3 percent to 20.06 billion pesos.

The company, which runs the world's largest primary silver producer, Fresnillo, attributed the drop in revenue to the appreciation of the peso and lower prices for precious metals. That was partially offset by a spike in sales of silver and better prices for industrial metals.

The company said it faced a lower tax bill during the quarter, helping its profitability.

Shares in the company closed up 1.52 percent at 441.65 pesos per share before Penoles reported.

$1 = 18.1785 at end-September Reporting by Mexico City Newsroom; Editing by David Gregorio

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