Fortuna Silver Mines Remains Profitable In 3Q
Fortuna Silver Mines Inc. (NYSE: FSM; TSX: FVI) reports net income in the third quarter of $10.3 million, or 6 cents per share, compared to $10.2 million, or 8 cents, in the same period of 2016. The slightly higher net income was driven mostly by lower income-tax expense of $5.2 million since the effective tax rate for the third quarter was lower, the company says. Adjusted net income was $13.1 million, up from $10 million a year ago, mostly after adjusting for a $2.2 million loss on financial instruments for the most recent quarter. Silver and gold production was 2 million and 13,412 ounces, respectively. "We have had yet another quarter of strong operating and financial results at our operating mines in Peru and Mexico, positioning the company well on track to meet our annual production targets and financial objectives,” says Jorge A. Ganoza, president and chief executive officer.