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Startdatum
01-01-2009

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Laatste update:
29-01-2010

Silvercorp Reports Q3 Results: Net Income of $12.7 Million, $0.08 per Share

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Algemeen advies 09/02/2018 06:51
Silvercorp Reports Q3 Results: Net Income of $12.7 Million, $0.08 per Share and Provides Fiscal 2019 Production and Cash Costs Guidance

VANCOUVER, British Columbia – February 8, 2018 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the third quarter ended December 31, 2017. All amounts are expressed in US Dollars.

THIRD QUARTER HIGHLIGHTS
•Net income attributable to equity shareholders of $12.7 million, or $0.08 per share1, compared to net income attributable to equity shareholders of $13.1 million, or $0.08 per share in the prior year quarter;
•Gross margin of 52% compared with 55% in the prior year quarter;
•Sales of $44.4 million, down $3.4 million or 7% compared to $47.8 million in the prior year quarter;
•Inventories of silver-lead concentrate of 6,234 tonnes, valued at approximately $16.0 million, an increase of $4.5 million or 39%, compared to 4,666 tonnes valued at approximately $11.5 million in the prior year quarter;
•Silver, lead, and zinc metals sold amounted to approximately 1.5 million ounces silver, 15.8 million pounds lead, and 6.4 million pounds zinc, compared to 1.7 million ounces silver, 19.5 million pounds lead, and 5.7 million pounds zinc in the prior year quarter;
•Head grades were 315 grams per tonne (“g/t”) for silver, 4.5% for lead, and 1.0% for zinc at the Ying Mining District, compared to 303 g/t for silver, 4.8% for lead and 0.8% for zinc in the prior year quarter;
•Total and cash mining costs per tonne ore2 of $74.16 and $56.11, respectively, compared to $67.12 and $47.52 in the prior year quarter;
•Cash cost per ounce of silver2, net of by-product credits, of negative $5.92, compared to negative $5.48 in the prior year quarter;
•All-in sustaining cost per ounce of silver2, net of by-product credits, of $3.16, compared to $1.87 in the prior year quarter;
•Spent $1.8 million to buyback 788,000 common shares of the Company;
•Paid $1.7 million dividend to equity shareholders of the Company;
•Invested $3.8 million to participate in a private placement of New Pacific Metals Corp.; and,
•Ended the quarter with $113.3 million in cash and cash equivalents and short-term investments, an increase of $16.8 million or 17%, compared to $96.5 million as at March 31, 2017.



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 Q3 Fiscal 2018 was $12.7 million or basic earnings per share of $0.08, compared to $13.1 million, or $0.08 per share in Q3 Fiscal 2017.

Sales in Q3 Fiscal 2018 were $44.4 million, down 7% compared to $47.8 million in the same quarter last year. Silver and gold sales represented $19.8 million and $0.6 million, respectively, while base metals represented $23.9 million of total sales, compared to silver, gold and base metals sales of $23.4 million, $0.7 million, and $23.7 million, respectively, in the prior year quarter.

The Company’s financial results in Q3 Fiscal 2018 were mainly impacted by the following: i) an increase of 8% and 37% in the realized selling prices for lead and zinc, compared to the prior year quarter, ii) a 3% decrease in the realized selling price for silver, iii) less metals sold as inventory built up; and iv) higher per tonne production costs.

As at December 31, 2017, silver-lead concentrate inventories were 6,234 tonnes containing approximately 0.7 million ounces of silver and 6.9 million pounds of lead, an increase of 34% or 1,568 tonnes, compared to 4,666 tonnes silver-lead concentrate inventories containing approximately 0.5 million ounces of silver and 5.4 million pounds of lead held as at December 31, 2016.

Cost of sales in Q3 Fiscal 2018 was $21.2 million, comparable to $21.5 million in Q3 Fiscal 2017. The cost of sales included $15.6 million (Q3 Fiscal 2017 - $14.9 million) cash production costs, $1.3 million mineral resources tax (Q3 Fiscal 2017 - $1.4 million), and $4.4 million (Q3 Fiscal 2017 - $5.2 million) depreciation and amortization charges.

Gross profit margin in Q3 Fiscal 2018 was 52%, compared to 55% in Q3 Fiscal 2017. Ying Mining District’s gross margin was 55% compared to a 58% gross profit margin in the prior year quarter. GC Mine’s profit margin was 41% compared to a 39% gross profit margin in the prior year quarter.

General and administrative expenses in Q3 Fiscal 2018 and the nine months ended December 31, 2017 were $4.9 million and $14.0 million (Q3 Fiscal 2017 - $4.0 million, nine months ended December 31, 2016 - $12.5 million). The increase was mainly due to the resumption of activities at the XHP Project to review alternatives and activities carried at the BYP Mine to renew its mining license, resulting in additional office and administrative expenses and labour costs.

Income tax expenses in Q3 Fiscal 2018 were $4.3 million compared to $5.4 million in Q3 Fiscal 2017. The income tax expense recorded in Q3 Fiscal 2017 included current income tax expense of $3.7 million (Q3 Fiscal 2016 – $4.7 million) and deferred income tax expense of $0.6 million (Q3 Fiscal 2016 – $0.6 million).

Cash flows provided by operating activities in Q3 Fiscal 2018 were $27.5 million, compared to $28.3 million in the prior year quarter. Before changes in non-cash operating working capital, cash flows provided by operating activities in Q3 Fiscal 2018 were $23.0 million, a decrease of $3.4 million or 13%, compared to $26.4 million in the prior year quarter.

For the nine months ended December 31, 2017, net income attributable to equity shareholders of the Company was $34.8 million or $0.21 per share, up 15% compared to $30.2 million or $0.18 per share in the same prior year period; sales were $131.6 million, up 2% from $129.4 million in the same prior year period; and cash flow from operating activities was $65.1 million, down 14% from $75.6 million in the same prior year period.

Working capital as at December 31, 2017 was $84.9 million, an increase of $14.2 million or 20%, compared to $70.7 million working capital as at March 31, 2017.

OPERATIONS AND DEVELOPMENT

(i) Q3 Fiscal 2018 vs. Q3 Fiscal 2017

On a consolidated basis, the Company mined 252,284 tonnes of ore in Q3 Fiscal 2018, comparable to 252,784 tonnes in Q3 Fiscal 2017. Ore milled were 256,037 tonnes, compared to 263,339 tonnes of ore milled in Q3 Fiscal 2017.

In Q3 Fiscal 2018, the Company sold approximately 1.5 million ounces of silver, 700 ounces of gold, 15.8 million pounds of lead, and 6.4 million pounds of zinc, compared to 1.7 million ounces of silver, 700 ounces of gold, 19.5 million pounds of lead, and 5.7 million pounds of zinc, respectively, in Q3 Fiscal 2017. Sales from lead and zinc accounted for 54% of the total sales and amounted to $23.8 million, an increase of $0.3 million, compared to $23.5 million in the prior year quarter.

The consolidated total mining costs and cash mining costs were $74.16 and $56.11 per tonne, compared to $67.12 and $47.52 per tonne, respectively, in Q3 Fiscal 2017. The increase in cash mining costs were mainly due to: i) a $0.9 million increase in raw material supply costs, ii) a $0.4 million increase in mining preparation costs resulting from more underground tunnelling expensed in the current quarter, and iii) a $0.5 million increase in mining labor costs due to additional bonus accrued as per the Company’s profit sharing plan in China.

The consolidated total milling costs and cash milling costs in Q3 Fiscal 2018 were $13.45 and $11.31 per tonne, compared to $12.40 and $10.32 per tonne, respectively, in Q3 Fiscal 2017. The increase in cash milling costs were mainly due to $0.2 million increase in raw material supply costs.

The consolidated total production costs and cash costs per ounce of silver, net of by-product credits, were negative $3.04 and negative $5.92 compared to negative $2.50 and negative $5.48 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 1% increase in by-product credits, mainly arising from 8% and 37% increase in lead and zinc net realized selling prices.

The consolidated all-in sustaining costs per ounce of silver, net of by-product credits, is $3.16 compared to $1.87 in Q3 Fiscal 2017.

(ii) Nine months ended December 31, 2017 vs Nine months ended December 31, 2016

For the nine months ended December 31, 2017, approximately 4.7 million ounces of silver, 2,400 ounces of gold, 48.6 million pounds of lead, and 17.0 million pounds of zinc were sold compared to 5.2 million ounces of silver, 2,600 ounces of gold, 56.1 million of lead, and 16.8 million pounds of zinc sold in the same prior year period.

The consolidated total mining and cash mining costs were $71.07 and $53.17 per tonne, 6% and 16% increase compared to $66.79 and $45.92 per tonne in the same prior year period while the consolidated total milling costs and cash milling costs were $12.81 and $10.55, comparable to $12.86 and $10.62 per tonne in the same prior year period.

The consolidated cash production costs and all-in sustaining costs per ounce of silver, net of by-product credits, were negative $4.97 and $3.35 compared to negative $2.95 and $3.96, respectively, in the same prior year period.

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http://www.silvercorpmetals.com/news_and_media/news/index.php?content_id=702



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