Silvercorp Metals Net Income Up 454% in Q2 FY 2017

Silvercorp Metals (TSX:SVM) reported its financial and operating results for the second quarter ended September 30, 2016.  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 by‐product credits, of negative $3.05, compared to $1.52

  in the prior year period;

• All‐in sustaining cost per ounce of silver, net of by‐product 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.

Click here for the full press release.

 

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