Silvercorp Metals (TSX:SVM) reported its financial and operating results for the second quarter ended September 30, 2016.Â Â Highlights include net income increased by 454 percent, sales of $46.3 million, and $92.1 million in cash and short term investment.
As quoted in the press release:
SECOND QUARTER HIGHLIGHTS
- Net income attributable to equity shareholders of $12.4 million, or $0.07 per share, up 454%
compared with net earnings attributable to equity shareholders of $2.2 million or $0.01 per
share in the prior year period;
- Silver, lead and zinc sales up 44%, 51%, and 27%, respectively, from the prior year period, to
approximately 1.8 million ounces silver, 19.9 million pounds lead, and 5.9 million pounds zinc;
- Sales of $46.3 million, up 70% from the prior year period;
- A 16%, 21%, and 22% increase in the head grades of silver, lead, and zinc;
- Gross margin improved to 58% from 32% in the prior year period;
- Cash flows from operations of $27.0 million, an increase of $22.4 million compared to $4.6
million in the prior year period;
- Cash production cost per tonne1 of $55.84 compared with $70.49 in the prior year period;
- Cash cost per ounce of silver, net of byâproduct credits, of negative $3.05, compared to $1.52
in the prior year period;
- Allâin sustaining cost per ounce of silver, net of byâproduct credits, of $3.16, compared to
$12.40 in the prior year quarter; and
- Ended the period with $92.1 million in cash and short term investments, an increase of $30.1
million compared to $62.0 million as at March 31, 2016.
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