VANCOUVER – Minefinders Corp. Ltd. (TSX:MFL) reversed a year-earlier loss to post a big profit in the fourth quarter as the gold and silver producer reported sharply increased sales.
Vancouver-based Minefinders, which announced a friendly $ 1.5-billion cash and share deal last month to be taken over by Pan American Silver Corp. (TSX:PAA), said net earnings were US$ 59.6 million or 72 cents per share in the three-month period ended Dec. 31.
That compared with a loss of US$ 6.7 million or 10 cents per share in the same 2010 quarter.
Sales revenue in the three months ended Dec. 31 was US$ 62 million, up from US$ 31.3 million.
Minefinders said it sold 37,0000 ounces of gold and 887,007 ounces of silver in the quarter, up from 14,150 ounces of gold and 423,950 of silver in the year-earlier period.
Full-year net income was US$ 91.1 million or $ 1.12 per share on sales revenue of $ 141.2 million, up from a loss of US$ 4 million or six cents per share on sales revenue of US$ 92.9 million.
Local news from metronews.ca/vancouver
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