VANCOUVER – Junior miner Endeavour Silver Corp. (TSX:EDR) reported Wednesday a third-quarter profit of $ 3.1 million, reversing a year-ago loss of $ 9.6 million as gold and silver production from its mines in Mexico both increased.
The Vancouver-based company said its earnings amounted to four cents per share, compared with a loss of 15 cents per shares in the same period a year earlier.
The company reported adjusted earnings, stripping out one-time items not reflective of its operational finances, of $ 8.9 million or 10 cents per share during the period. That compared with an adjusted loss of $ 4.8 million or 10 cents per share a year before.
“Endeavour delivered another great quarter of operating performance in Q3, 2011 which translated directly into robust financial results,” chief executive Bradford Cooke said in a statement.
“Thanks to substantially higher precious metal prices and lower operating costs, our revenues, cash-flow, EBITDA and earnings continue to rise, up sharply from 2010.”
Revenues nearly doubled to $ 38.8 million from $ 20.1 million as silver production rose eight per cent and gold production rose seven per cent. Helping to improve its results were a 120 per cent increase in realized silver price to $ 40.72 per ounce sold, and a 35 per cent increase in realized gold price to $ 1,679 per ounce.
Endeavour owns and operates two underground silver-gold projects in Mexico, the Guanacevi and Guanajuato mines.
Local news from metronews.ca/vancouver
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