According to financial results released today, increased production and higher silver prices resulted in record quarterly sales for Silvercorp Metals Inc. (TSX: SVM).
The company’s posted sales were US$69.7 million, representing a 90% increase compared with 2011’s first quarter.
Second-quarter silver production increased to 1.6 million ounces – a 15% increase. Gold production of 1,390 ounces represented a 30% increase compared with Q1 2011.
Silver and gold sales accounted for 71% of the total sales in the quarter, which gave Silvercorp a net income of US$25.6 million – an 82% increase compared withUS$14.1 million in 2011’s first quarter.
At press time, shares of Silvercorp were trading at $10.22, up $0.44 or 4.5% from open.
Jennifer Harrison