Model portefeuille
Rendement portefeulle
+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

Silvercorp Reports Q1 Results: Net Income Up 134% To $10.9 Million, $0.07 Per Share

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Algemeen advies 04/08/2017 06:45
VANCOUVER, British Columbia – August 3, 2017 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the first quarter ended June 30, 2017. All amounts are expressed in US Dollars.

FIRST QUARTER HIGHLIGHTS

Net income attributable to equity shareholders of $10.9 million, or $0.07 per share1, up 134% compared to net income attributable to equity shareholders of $4.7 million, or $0.03 per share in the prior year quarter;
Sales of $39.7 million, up 13% compared to $35.3 million in the prior year quarter;
Gross margin of 50% compared with 45% in the prior year quarter;
Cash flow from operations of $16.9 million, compared to $20.2 million in the prior year quarter;
Dividend of $1.7 million, or $0.01 per share, paid to the equity shareholders;
Ended the quarter with $102.1 million in cash and cash equivalents and short-term investments, an increase of $5.6 million or 6% compared to $96.5 million as at March 31, 2017;
Silver, lead, and zinc metals sold amounted to approximately 1.5 million ounces silver, 15.9 million pounds lead, and 5.0 million pounds zinc, down 8%, 5%, and 4%, respectively from the prior year quarter;
Head grades were 304 grams per ton (“g/t”) for silver, 4.6% for lead, and 0.8% for zinc at the Ying Mining District, compared to 308 g/t for silver, 4.4% for lead and 1.1% for zinc in the prior year quarter;
Total and cash mining costs per tonne ore of $68.12 and $50.29, respectively, compared to $68.70 and $47.24 in the prior year quarter;
Cash cost per ounce of silver2, net of by-product credits, of negative $3.57, compared to positive $0.08 in the prior year quarter;
All-in sustaining cost per ounce of silver2, net of by-product credits, of $4.70, compared to $7.06 in the prior year quarter; and,
Realized a gain of $4.3 million on the disposal of the Company’s 2.5% net smelter return (“NSR”) in the Silvertip mine.
1 Earnings per share refers to basic earnings per share
2 Non IFRS measure, please refer to section 10 of the corresponding MD&A for reconciliation

FINANCIALS

Net income attributable to equity shareholders of the Company in Q1 Fiscal 2018 was $10.9 million, or $0.07 per share, compared to $4.7 million, or $0.03 per share in Q1 Fiscal 2017.

The Company’s financial results in Q1 Fiscal 2018 were mainly impacted by the following: i) the increase of metal prices, as the realized selling price for silver, lead, and zinc increased by 5%, 35%, and 65%, compared to the prior year quarter; ii) a $4.3 million gain on disposal of Silvertip Mine’s NSR; offset by i) a $1.6 million foreign exchange loss, ii) less metals sold, and iii) a 3% increase in per tonne cash production costs.

Sales in Q1 Fiscal 2018 were $39.7 million, up 13% compared to $35.3 million in the same quarter last year. Silver and gold sales represented $20.2 million and $1.0 million, respectively, while base metals represented $18.5 million of total sales compared to silver, gold and base metals sales of $20.8 million, $0.9 million, and $13.6 million, respectively, in the prior year quarter.

Cost of sales in Q1 Fiscal 2018 was $19.7 million compared to $19.5 million in Q1 Fiscal 2017. The cost of sales included $14.1 million (Q1 Fiscal 2017 - $14.2 million) production costs, $1.1 million mineral resources tax (Q1 Fiscal 2017 - $0.4 million), and $4.5 million (Q1 Fiscal 2017 - $5.0 million) depreciation and amortization charges. The increase of mineral resources tax was mainly because the mineral resources tax was levied based on a certain percentage of sales in the current quarter while it was levied based on the tonnage of ore milled in the prior year quarter. The decrease of depreciation and amortization charges was mainly due to higher mineral reserves at the Ying Mining District as defined in the NI43-101 technical report released in February 2017, resulting in lower depreciation and amortization charges per unit of metal production.

Gross profit margin in Q1 Fiscal 2018 improved to 50%, compared to 45% in Q1 Fiscal 2017. The improvement of gross profit margin was mainly due to the increase of metal prices. Ying Mining District’s gross margin was 56% compared to a 49% gross profit margin in the prior year quarter, while GC Mine’s profit margin was 30% compared to a 17% gross profit margin in the prior year.

General and administrative expenses in Q1 Fiscal 2018 were $4.6 million, an increase of 4% or $0.2 million, compared to $4.4 million in Q1 Fiscal 2017.

Gain on disposal of mineral rights and properties in Q1 Fiscal 2018 was $4.3 million compared to $nil in the prior year quarter, as the Company’s 2.5% NSR in the Silvertip mine was disposed in the current quarter.

Income tax expenses in Q1 Fiscal 2018 were $4.0 million compared to $2.8 million in Q1 Fiscal 2017. The income tax expenses recorded in Q1 Fiscal 2018 included current income tax expenses of $3.2 million (Q1 Fiscal 2017 – $0.7 million) and deferred income taxes expenses of $0.8 million (Q1 Fiscal 2017 – $2.1 million).

Cash flows provided by operating activities in Q1 Fiscal 2018 were $16.9 million, a decrease of $3.2 million or 16%, compared to $20.2 million in the prior year quarter. Before changes in non-cash operating working capital, cash flows provided by operating activities in Q1 Fiscal 2018 were $14.8 million, a decrease of $0.7 million or 5%, compared to $15.5 million in the prior year quarter. The decrease in cash flow provided by operating activities is mainly due to $4.1 million income tax paid in the current quarter while net tax refunds of $0.1 million were received in the prior year quarter.

The Company also paid dividend of $1.7 million, or $0.01 per share to the equity shareholders, and ended the quarter with $102.1 million in cash and short-term investments, an increase of $5.6 million or 6%, compared to $96.5 million as at March 31, 2017.

Working capital as at June 30, 2017 was $80.7 million, an increase of $10.0 million or 14%, compared to $70.7 million working capital as at March 31, 2017.

OPERATIONS AND DEVELOPMENT
In Q1 Fiscal 2018, the Company sold 1.5 million ounces of silver, 900 ounces of gold, 15.9 million pounds of lead, and 5.0 million pounds of zinc, compared to 1.6 million ounces of silver, 900 ounces of gold, 16.7 million pounds of lead, and 5.2 million pounds of zinc, respectively, in Q1 Fiscal 2017. The decrease of metals sold was mainly due to not all metals produced in the quarter being sold in the same quarter as the Company intentionally increased its concentrate inventory at the Ying Mining District. As at June 30, 2017, lead concentrate inventory at the Ying Mining District was 4,050 tonnes, an increase of 1,757 tonnes, compared to 2,293 tonnes of lead concentrate inventory as at March 31, 2017.

In Q1 Fiscal 2018, the consolidated total mining costs and cash mining costs were $68.12 and $50.29 per tonne, compared to $68.70 and $47.24 per tonne, respectively, in Q1 Fiscal 2017. The increase in cash mining costs were mainly due to a $0.7 million increase in mining preparation costs resulting from more underground drilling and tunnelling expensed in the current quarter.

The consolidated total production costs and cash costs per ounce of silver, net of by-product credits, were negative $0.62 and negative $3.57 in Q1 Fiscal 2018 compared to $3.11 and $0.08 respectively, in the prior year quarter. The overall decrease in cash cost per ounce of silver, net of by-product credits, is mainly due to a 35% increase in by-product credits, mainly arising from 35% and 65% increase in lead and zinc net realized selling prices. Sales from lead and zinc accounted for 46% of the total sales and amounted to $18.1 million, an increase of $4.7 million, compared to $13.5 million in the prior year quarter.

In Q1 Fiscal 2018, the consolidated all-in sustaining cost per ounce of silver, net of by-product credits, is $4.70 compared to $7.06 in Q1 Fiscal 2017, and the decrease is mainly due to the 35% increase in by-product credits.

see and read more on
http://www.silvercorpmetals.com/news_and_media/news/index.php?content_id=666



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