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Sales increase boosts Silver Wheaton profit 20%

Silver Wheaton mining at Lusimin Operations in Mexico.


Silver Wheaton Corp. has reported a 20-per-cent jump in first-quarter net income, primarily as a result of a 25 per cent increase in sales.

The Vancouver-based concern, the world's largest silver streaming company, said net earnings in the three months ended March 31 were $147.2-million (U.S.) or 42 cents per share.

That compared with $122.2-million or 35 cents per share in the same 2011 period.

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Revenue was $199.6-million on record sales of 6.1 million silver equivalent ounces (5.9 million ounces of silver and 3,900 ounces of gold), up from revenue of $158.2-million the previous year.

Based on current agreements, Silver Wheaton forecast 2012 attributable production at about 27 million silver equivalent ounces, including 16,500 ounces of gold.

"By 2016, annual attributable production is anticipated to increase significantly to approximately 43 million silver equivalent ounces, including 35,000 ounces of gold," it said in a release.

The Canadian Press

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