Silvercorp Metals (TSX: T.SVM, Stock Forum), after Thursday’s closing bell, reported record net income of US$73.8 million, or 43 cents per share, in fiscal 2012, an increase of 9% compared with net income of US$67.7 million, or 40 cents per share, during 2011. For its fourth quarter, though, net income attributable to shareholders fell to $9.7 million, or six cents a share, compared with a profit of $12 million, or seven cents a share, during the same period last year.
Total production costs for the quarter was negative $1.84 per ounce of silver due to its lead and zinc by-products. Revenue for the year rose 42% to a record US$238.0 million from US$167.3 million in fiscal 2011.
The silver miner said it produced a record 5.6 million silver ounces in full-year fiscal 2012, compared with 5.3 million in fiscal 2011.
Silvercorp is the largest primary silver producer in China through the operation of the four silver-lead-zinc mines in the Henan Province. In Canada, the company is developing its 100% owned Silvertip silver-lead-zinc mine project in northern British Columbia.