Despite a slight increase in revenue for the year ending December 31, 2007, Vancouver's Impact Silver Corp. (TSX-V:IPT) reported a 43% drop in annual net income.
The mining company's net income fell to $287,000 in 2007 from $506,000 in 2006. A drop in mine earnings to $2 million from $2.4 million in 2006 was the main reason for the decline as revenue rose 3% to $7.2 million from $7 million in 2006.
With record high zinc prices last summer, Impact increased its zinc production 35% to 976 tonnes from 725 tonnes in 2006. The company's overall silver production fell to 348,949 ounces from 465,673 ounces the year before.
Impact is developing mining prospects in Zacualpan and Mamatla in Central Mexico. It has 15,000 metres of surface and underground drilling budgeted for 2008.
Impact's share price range during the past week: between $1.50 and $1.69; 52-week high: $2.10; 52-week low: $1.14.