Inmet said Tuesday it earned $67.7 million or $1.40 a share for the three months ended June 30. That compared with earnings of $138.1 million or $2.86 a share for the same 2007 period. Gross sales fell 12 per cent to $281.5 million from $320 million.

Inmet said net profits in the quarter were hurt by lower zinc prices, which cut sales by $53 million. The company’s bottom line was also affected by $18.6 million in foreign exchange losses, while the 2007 quarter benefited from a $12 million investment sale gain.

For the second quarter 2008 copper production was similar to 2007, while gold and zinc production was higher. For 2008, Inmet said it expects to produce 93,100 tonnes of copper, 78,700 tonnes of zinc and 268,400 ounces of gold.

Inmet employed 3,200 people at the end of 2007 and operates four mines: the Cayeli copper-zinc operation in Turkey, Pyhasalmi in Finland, the Troilus open pit gold mine in northwestern Quebec and the Ok Tedi copper mine in Papua New Guinea.

In Tuesday trading on the Toronto Stock Exchange, Inmet shares rose $1.15 to $63.15, a gain of 1.9 per cent.

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