Business
Silvercorp Metals Reports Adjusted Earnings of $52.4 Million, $0.30 Per Share, and Cash Flow From Operations of $107.4 Million for Fiscal 2022
VANCOUVER, BC, May 26, 2022 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reported its financial and operating
About this update from Silvercorp Metals Inc.
[{"type":"text","content":" VANCOUVER, BC, May 26, 2022 /CNW/ - Silvercorp Metals Inc. (\"Silvercorp\" or the \"Company\") (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the fourth quarter and twelve months ended March 31, 2022 (\"Fiscal 2022\"). All amounts are expressed in US Dollars, and figures may not add due to rounding. FISCAL YEAR 2022 HIGHLIGHTS Mined 996,280 tonnes of ore and milled 1,002,335 tonnes of ore, up 3% and 4% compared to the prior year. Sold approximately 6.3 million ounces of silver, 3,400 ounces of gold, 63.6 million pounds of lead, and 26.8 million pounds of zinc, representing decreases of 1%, 28%, 5% and 4% in silver, gold, lead and zinc sold, compared to the prior year. Gold sales in the prior year included one-time sales of 1,200 ounces from the remaining concentrate inventory produced at the BYP mine before it was placed on care and maintenance in 2014. Revenue of $217.9 million, up 13% compared to $192.1 million in the prior year. Net income attributable to equity holders of $30.6 million, or $0.17 per share, compared to $46.4 million, or $0.27 per share in the prior year. Adjusted earnings attributable to equity holders of $52.4 million, or $0.30 per share, compared to $49.8 million, or $0.28 per share in the prior year. The adjustments were made to remove impacts from non-recurring items, share-based compensation, foreign exchange gain/loss, impairment adjustments and reversals, gain/loss on equity investments and the share of associates' operating results. Cash flow from operations of $107.4 million, up 25% or $21.5 million compared to $85.9 million in the prior year. Cash cost per ounce of silver, net of by-product credits, of negative $1.29 compared to negative $1.80 in the prior year. All-in sustaining cost per ounce of silver, net of by-product credits, of $8.77, compared to $7.49 in the prior year. Paid $4.4 million of dividends to the Company's shareholders. Acquired the Kuanping silver-lead-zinc-gold project in China for $13.1 million. Strong balance sheet with $212.9 million in cash and cash equivalents and short-term investments, up $13.8 million or 7% compared to $199.1 million as at March 31, 2021. This does not include the investments in associates and equity investment in other companies, having a total market value of $164.3 million as at March 31, 2022 ($212.1 million as at M...