August 2, 2012 / 9:44 PM / 5 years ago

Silvercorp profit falls on drop in silver prices, lower output

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.

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