August 3, 2011 / 11:33 AM / 6 years ago

UPDATE 1-Silvercorp Q1 profit jumps on higher output, metal prices

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Aug 3 (Reuters) - Canadian miner Silvercorp Metals Inc reported 82 percent rise in quarterly profit, helped by higher production and robust silver prices.

For the first quarter, net income rose to $25.6 million, or 15 cents a share, from $14.1 million, or 9 cents a share, a year ago.

The Vancouver-based company, which had pre-announced its revenue for the quarter, said sales nearly doubled to $69.7 million.

Silver production rose 15 percent to 1.6 million ounces in the quarter, while gold output jumped 30 percent to 1,390 ounces.

Silver prices have more than doubled to average about $38 an ounce.

Gross profit margin improved to 80 percent from 72 percent in the year-ago quarter, the company said. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Viraj Nair)

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