Aug 2 (Reuters) - Canadian miner Silvercorp Metals posted a lower first-quarter profit as production fell and the company was not able to realize higher silver prices.
Silvercorp, a Vancouver-based company focused on mining in China, reported a net income of $9.5 million, or 4 cents per share, compared with $34.2 million, or 15 cents per share, a year earlier.
Sales fell 36 percent to $44.5 million.
The company produced 1.2 million ounces of silver during the quarter, down from 1.6 million ounces a year ago.
Average realized selling price for silver fell 23 percent to $22.97 per ounce.
The company said it expects to produce about 5.5 million ounces of silver and 8,300 ounces of gold this year.
Shares of Silvercorp closed at C$5.22 on Thursday the Toronto Stock Exchange.