First Majestic cuts 2013 capital spending by 16 pct

Wed May 15, 2013 7:52am EDT
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(Reuters) - Canada's First Majestic Silver Corp FR.TO AG.N cut its 2013 capital expenditure by 16 percent due to a decline in silver prices and warned it could make further cuts later in the year.

The company also reported a modest rise in first-quarter profit on higher production. Net income rose to $26.5 million, or 23 cents per basic share, during January-March from $26.4 million, or 25 cents per basic share, a year earlier.

The company had 11 percent more outstanding shares in the first quarter compared with a year earlier.

Silver prices fell 7.8 percent to average $30.08 per ounce during January-March.

(Reporting by Krithika Krishnamurthy in Bangalore; Editing by Don Sebastian)