May 11, 2011 / 9:34 PM / in 7 years

UPDATE 1-Silvercorp Q1 profit up on higher production

* Q4 EPS $0.07 vs $0.06 yr ago

* Q4 sales up 50 pct to $42.4 million

* 1.05 mln ounces of silver produced in Q4 (Follows alerts)

May 11 (Reuters) - Canada’s Silvercorp Metals Inc reported a rise in quarterly profit, helped mainly by an increase in production and higher metal prices.

For the fourth quarter ended March 31, the Vancouver, British Columbia-based company earned $12.6 million, or 7 cents a share, compared with $9.8 million, or 6 cents a share, a year ago.

The company met its silver production target of 5.3 million ounces for fiscal 2011 ending March 31, helped mainly by 1.05 million ounces of silver produced in the fourth quarter.

Fourth-quarter sales rose 50 percent to $42.4 million, on higher metal prices along with a rise in quantities of metal sold.

Silvercorp said it sees a total of 4,000 ounces of gold from the Ying Mining Camp and 26,000 ounces of gold from its BYP mine in China in 2012.

Shares of the company closed at C$10.48 on Wednesday on the Toronto Stock exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Anil D’Silva)

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