Silvercorp Metals Inc (SVM)

[Pro-Life]

Silvercorp Metals Lists Loss For Fiscal Fourth Quarter
Friday May 27, 2016 08:25

http://www.kitco.com/news/2016-05-27/Silvercorp-Metals-Lists-Loss-For-Fiscal-Fourth-Quarter.html

Silvercorp Metals Inc. (TSX: SVM), a Canadian-based producer with multiple mines in China, posted a net loss in its fiscal fourth quarter that ended March. 31. The loss was $1.5 million, or a penny per share, although this was a big improvement from the same period a year ago when the company listed a loss of $118.5 million, or 69 cents, which included non-cash impairment charge of $130.3 million. Silvercorp attributes the loss in its most recent quarter to a 14% year-on-year decrease in the realized price for silver to $11.45 an ounce, a 6% decrease in ore production and a $2.2 million foreign-exchange loss recorded in the January-March period compared to a gain of $3.3 million in the prior-year quarter. For the most recent quarter, Silvercorp lists silver sales of 1 million ounces, an increase of 6% year-on-year. Lead sales of 9.3 million pounds and zinc sales of 3.6 million pounds were up 2% and 41% year-on-year, respectively. All-in sustaining cost per ounce of silver, net of by-product credits, were $9.91, down from $14.15 in the same prior-year quarter. For the full fiscal year ending March 31, net income was $6.3 million, or 4 cents per share, compared to net loss of $103.1 million, or 60 cents, for fiscal 2015. For the fiscal year, silver sales of 5 million ounces, lead sales of 52.5 million pounds and zinc sales of 17.5 million pounds, were down 2%, and up 2% and 10%, respectively, from the prior year.

By Allen Sykora of Kitco News; [e-mail]