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UPDATE: Silvercorp Pares Gains; Quarterly Profit Rise 82%

Silvercorp Metals (SVM.TO) has cut its earlier gains, now higher at $9.96 by nearly 2% on the Toronto Stock Exchange and was also up in the United States at US$10.36 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$10.36. Price Change: +0.15. Percent Change: +1.5.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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