Vancouver-based Silvercorp Metals Inc. (TSX:SVM) boosted its quarterly profit 88% to $14.1 million compared with $7.5 million in the same quarter a year ago thanks to an increase in silver production and high metal prices, the company announced August 12.
Revenue climbed 63% to a record $36.7 million in the first quarter ending June 30 compared with $22.6 million a year ago.
The bad news?
Silvercorp cut its second quarter production outlook by 10% because of flooding in the Chinese province of Henan, but is maintaining its full-year production outlook.
Silvercorp expects to earn more than US$140 million in revenue during its current fiscal year. That, however, is below the US$143 million expected, according to Thomson Reuters.
Silvercorp ranked No. 20 on Business in Vancouver’s list of the largest mining companies in B.C. (See “Biggest mining companies in B.C.” – issue 1071; May 4-10). However, it had not yet released its full-year figures and BIV used only the first nine months of its 2010 fiscal year.
An updated version of that list will be available within the month in BIV’s 2010 Book of Lists, which is free to subscribers.
Silvercorp generated US$107.2 million in revenue during its fiscal 2010, which ended in March.