Shares of Silvercorp Metals (SVM.TO) were higher by about 4% at $10.16 on the Toronto Stock Exchange and were also recouping gains in the United States at US$10.70 after the company reported 82% rise in quarterly profit, helped by higher production and robust silver prices.
The company said it had net income of $25.6 million, or $0.15 per share, compared to the previous year's $14.1 million, or $0.09 per share. It also achieved record sales of $69.7 million, representing a 90% increase compared to $36.7 million in the first quarter of fiscal year 2011.
Silver production also touched record-high 1.6 million ounces, a 15% increase compared to 1.4 million ounces in Q1 2011 and gold production of 1,390 ounces, a 30% increase compared to Q1 2011.
Companies: Silvercorp Metals Inc.
Price: US$10.70. Price Change: +0.49. Percent Change: +4.8.
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