Business
Fortuna Reports Net Income of US$ 5.98 Million on Revenue of US$ 14.57 Million in Q2 of 2010
Fortuna Reports Net Income of US$ 5.98 Million on Revenue of US$ 14.57 Million in Q2 of 2010
About this update from Fortuna Mining Corp.
[{"type":"text","content":"\n\n\n\n Aug. 13, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nVANCOUVER, Aug. 13 /CNW/ - Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI) - is pleased to announce that it has filed its financial statements and MD&A for the three months ended June 30, 2010. The full documents are available on SEDAR and have also been posted on the Company's website at www.fortunasilver.com.\n\nSecond quarter 2010 highlights:\n\n\n >\n\n\nJorge Ganoza, President, CEO and Director, commented, "Fortuna had its third consecutive quarter of net earnings, reporting US$ 11.28 million for the first half of the year. Mine operating income for the same period was US$ 18.76 million. With the commissioning of our second mine on schedule and on budget for the third quarter of 2011, Fortuna will be in a position to produce seven million silver equivalent ounces annually plus base metals credits."\n\n\n >\n\n\nDuring the second quarter of 2010 the Company generated net income of US$ 5.98 million compared to a net loss of US$ 1.20 million in the second quarter of 2009. This increase was driven by strong operating income of US$ 6.97 million (Q2 2009: US$ 4.36 million), a commodity contract gain of US$ 2.90 million (Q1 2010: $1.75 million). Included in the operating income is a stock-based compensation recovery of US$ 2.44 million (Q2 2009: charge US$ 11.00 million). Outside of the stock-based compensation charges, there is a marginal increase in operating income for the second quarter of 2010. This is a result of significantly higher metal prices as well as the added copper production offset by lower zinc and lead production.\nThe Company's price protection program generated a gain on commodity contracts of US$ 2.90 million (2009: loss US$ 1.36 million) during the second quarter of 2010. Adjusting for the mark-to-market effect on the gain on commodity contracts and stock-based compensation recovery of US$ 2.44 million, the second quarter of...