February 19, 2009 / 1:12 PM / in 9 years

UPDATE 1-Silver Wheaton posts Q4 net loss on write-down

* Q4 loss of $0.22/shr includes $0.26/shr charge

* Sees silver sales rising

Feb 19 (Reuters) - Canadian silver company Silver Wheaton Corp SLW.TO SLW.N posted a quarterly net loss, hurt by a charge for the write-down of long-term investments.

For the fourth quarter, the company reported a loss of US$54.2 million, or 22 cents a share, compared with a profit of $24.9 million, or 11 cents a share, last year.

The results included a charge of $64 million, or 26 cents a share, related to the investment write-down, the company said.

Analysts were expecting a profit of 3 cents a share, according to Reuters Estimates.

The company, which buys silver produced by other mining companies and resells it, said it sold 2.7 million ounces of silver in the quarter at an average realized price of $10.49 an ounce. In the year-earlier quarter, it sold 3.5 million ounces of silver at a price of $14.18 an ounce.

Silver sales are projected to be about 3 million ounces in the first quarter of 2009. Sales are expected to be more heavily weighted towards the second half of the year as several mines continue to ramp up production throughout 2009, the company said.

Silver Wheaton, which completed four new silver stream agreements and sold about 11.1 million ounces of silver in 2008, expects annual silver sales to increase to around 15 million to 17 million ounces in 2009 and to about 30 million ounces by 2013.

Shares of Silver Wheaton closed on Wednesday at $7.41 on the New York Stock Exchange and C$9.30 on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Mike Miller)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below