Higher revenue and lower production costs helped Vancouver's First Majestic Silver Corp. (TSX:FR) reduce its second-quarter loss for the period ending June 30.
The company reported a net loss of $296,956 compared with a net loss of $729,660 in the second quarter of 2007. First Majestic's revenue rose 6% to $11.4 million from $10.8 million.
Earnings from production doubled in part due to a 26% drop in the company's per-ounce silver production cost, which fell to US$4.84 from US$6.51 in 2007's second quarter. Improvements at the company's San Martin Silver mine played a major part in reducing those costs.
However, First Majestic had to absorb higher smelting costs, which it expects to decrease with the completion of additional production improvements.
First Majestic's share price range during the past week: between $3.62 and $3.91; 52-week high: $5.75; 52-week low: $2.81.