UPDATE 1-First Majestic Silver profit rises on higher output
* Fourth-qtr profit rises 5 pct to $22.4 mln
* Revenue rises 17 pct
Feb 26 (Reuters) - Canada's First Majestic Silver Corp , which backed out of a bidding war for Orko Silver Corp last week, reported a 5 percent rise in fourth-quarter profit on higher output and better silver prices.
Net income rose to $22.4 million, or 19 cents per basic share, from $21.3 million, or 20 cents per basic share, a year earlier.
The company had 11 percent more shares outstanding during the quarter compared with a year earlier.
Revenue rose 17 percent to $71 million.
The company said fourth-quarter production rose 22 percent to 2.56 million silver equivalent ounces, while average realized prices rose 2 percent to $32.42 per ounce.
Cash costs for the precious metal rose 16 percent to $9.26 per ounce.
The Mexico-focused company produced 9.1 million silver equivalent ounces in 2012, up 20 percent from a year earlier. Continued...