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The Canadian Press - ONLINE EDITION
Silvercorp Metals Q3 profit drops to US$20M; revenue higher at $61.9M
VANCOUVER - Silvercorp Metals Inc. (TSX:SVM) cited problems at a mine in China and higher income taxes among reasons for reduced third-quarter profits despite higher sales revenue.
Vancouver-based Silvercorp, a miner of silver-related properties in China and Canada, on Wednesday posted a net profit for the quarter attributable to equity shareholders of US$20 million or 12 cents per share.
That compared with US$29.1 million or 17 cents per share in the same year-earlier period.
Sales revenue in the three months ended Dec. 31 was $61.9 million, up from $51.8 million.
The company blamed the decrease in net income on lower production at it Ying mine where it faced various labour problems, as well as a doubling to 25 per cent of the income tax rate on its main operating subsidiary, Henan Found Mining Co. Ltd..
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