Silvercorp emerges from short and distort saga awash with cash
Silvercorp Metals on Tuesday reported revenue of $62.1 million for its second quarter, up 71% from the same period last year. Cash flow from operations hit a record $35.2 million, or $0.20 per share, up 140% from 2011 while net income of $18.5 million, or $0.11 per share, showed a 49% increase.
Silver production of 1.4 million ounces rose a disappointing 4% but gold production shot up to 2,516 ounces. Silvercorp said it continues to maintain its low cost producer status with a cash production cost per ounce of silver of negative $4.55.