Great Panther Silver Reverses To 2Q Profit
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(Kitco News) - Great Panther Silver Ltd. (TSX: GPR; NYSE MKT: GPL) reports net income of $0.8 million for the second quarter, compared to a net loss of $1.3 million in the same period of 2016. This was achieved despite lower metal prices, with the improvement largely due to the $5.6 million net increase in finance and other income and a $0.7 million decrease in income-tax expense, Great Panther says. In addition, the second quarter of 2016 reflected an impairment charge. April-June metals production increased 6% year-on-year to a record 1,102,290 silver-equivalent ounces, with silver production up by the same percentage to 569,229 silver ounces. All-in sustaining cost per payable silver ounce came in at $14.93, bringing the AISC for the first six months of the year $16.76 and closer to the 2017 full-year guidance, Great Panther says. With the company having completed construction of the Topia tailings filtration plant and plant upgrades, officials expect AISC to keep decreasing. Full-year output guidance is unchanged at 4 million to 4.1 million silver-equivalent ounces.