November 9, 2011 / 11:30 AM / in 6 years

UPDATE 1-Silvercorp hikes quarterly dividend

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Nov 9 (Reuters) - Silvercorp said on Wednesday it is raising its quarterly dividend 25 percent, a day after the China-focused miner posted a higher second-quarter profit on strong silver prices.

The quarterly dividend has been raised to 2.5 Canadian cents per share from 2 Canadian cents per share. It will be paid on or before January 20, 2012, to shareholders of record at the close of December 31, 2011.

“With its strong financial position, the company believes that it can increase dividends, while at the same time continuing to grow its business through further investments in exploration, mine development and acquisitions,” the company said in a statement.

On Tuesday, Silvercorp reported a 49 percent rise in second-quarter profit at $18.5 million. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sriraj Kalluvila)

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