August 12, 2010 / 10:33 PM / 7 years ago

UPDATE 1-Silvercorp Q1 profit up, cuts Q2 production view

* Q1 EPS $0.09 vs $0.05/shr yr-ago

* Sales up 63 pct

* Cuts Q2 production outlook by 10 pct

Aug 12 (Reuters) - Canada’s Silvercorp Metals Inc SVM.TO reported an increase in quarterly profits, helped mainly by an increase in production and higher metal prices, but cut its second-quarter production outlook by 10 percent.

For the second quarter the company now expects total production of 1.2 million ounces, on account of floods in the Henan province in China.

However, it maintained its full-year production outlook.

The company expects revenue of $140 million for fiscal year 2011.

Analysts on an average were expecting revenue of $143 million, according to Thomson Reuters I/B/E/S.

For the first quarter ended June 30, the Vancouver, British Columbia-based company earned $14.1 million, or 9 cents a share, compared with $7.5 million, or 5 cents a share, a year ago.

Sales rose 63 percent to $36.7 million.

Analysts on an average were expecting earnings of 8 cents a share.

Silver production rose 18 percent to 1.4 million ounces. Lead and zinc production rose 17 percent and 19 percent, respectively.

Silvercorp also announced a dividend of 2 Canadian cents a share.

Shares of the company, which have fallen 21 percent in the last three months, closed at C$7.15 Thursday on the Toronto Stock Exchange. (Reporting by NR Sethuraman in Bangalore; Editing by Roshni Menon)

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