Silver Wheaton profit rises 23 pct

Thu Mar 21, 2013 8:22pm EDT
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March 21 (Reuters) - Silver Wheaton Corp reported a 23 percent rise in fourth-quarter profit as output rose by more than a fifth.

Profit rose to $177.7 million, or 50 cents per share, from$144.7 million, or 41 cents per share, in the year-earlier period.

Attributable silver equivalent output rose 22 percent to 8.5 million ounces, for the quarter. Average cash costs rose to $4.70 per silver equivalent ounce, from $4.06 per silver equivalent ounce, a year earlier.

Vancouver-based Silver Wheaton, which provides miners with cash up front to finance mine construction in exchange for the right to buy future silver production at a set price, said revenue rose 50 percent to $287.2 million.

Silver Wheaton shares, which have lost about 19 percent of their value over the last six months, closed at C$31.69 on the Toronto Stock Exchange on Thursday.