February 8, 2012 / 10:43 PM / 6 years ago

UPDATE 1-Silvercorp profit falls on lower Ying output

(Figures in U.S. dollars, unless noted)

TORONTO, Feb 8 (Reuters) - Silvercorp Metals reported a 31 percent drop in quarterly profit on Wednesday as production eased at its Ying mine in China and the company incurred costs related to fraud allegations made against it.

Silvercorp, a Vancouver-based company focused on mining in China, said net income for its third quarter ended Dec. 31 fell to $20.0 million, or 12 cents a share, from $29.1 million, or 17 cents, a year earlier.

Last year, Silvercorp was one of many high-profile China-focused companies to be mired in fraud allegations leveled by short-sellers, who stand to benefit from declines in a company’s stock price. In October, an independent investigation by KPMG cleared the company of any wrongdoing.

Last month, Silvercorp named and sued the individuals that it believes were behind the allegations. (Reporting By Euan Rocha and Julie Gordon)

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