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Endeavour Silver posts significant rise in profits

Thursday, November 3, 2016 7:01
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Endeavour Silver Corp (TSE:EDR; NYSE:EKR) has made it three successive quarters of profitability out of three this year after posting a strong set of results for the three months to September.

The precious metals miner saw total profits jump to US$5.6mln, having posted profits of US$2mln and US$1.7mln in quarters one and two respectively.

To put that into perspective, for the same period in 2015, Endeavour recorded a loss of US$14.1mln.

Earnings per share came in at US$0.04, compared to the loss per share of US$0.14 in the same period 12 months ago.

The rising gold and silver prices have certainly contributed to the turnaround, helping to boost earnings from mine operations to US$15.2mln.

Endeavour’s commitment to reducing costs shouldn’t be overlooked though, having shaved almost US$12mln off of its direct production costs in the first nine months of 2016 compared to the same period of 2015.

The solid set of results comes shortly after the firm announced that it had closed the acquisition of Parral properties from Silver Standard Resources Inc (NASDAQ:SSRI).

Shares were unchanged at C$6.05.

Story by ProactiveInvestors


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