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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.