Tahoe Resources Inc (TAHO) has reported 97.57 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $74.70 million, or $0.24 a share in the quarter, compared with $37.81 million, or $0.17 a share for the same period last year. Revenue during the quarter surged 89.99 percent to $251.05 million from $132.13 million in the previous year period. Total expenses were 64.83 percent of quarterly revenues, down from 64.92 percent for the same period last year. This has led to an improvement of 8 basis points in operating margin to 35.17 percent.
Operating income for the quarter was $88.28 million, compared with $46.36 million in the previous year period.
Ron Clayton, President and Chief executive officer of Tahoe, commented: “We are off to a great start in 2017, with record cash flow per share as well as earnings and adjusted earnings in the first quarter largely driven by strong operating results at all of our mines. Total silver production was 5.7 million ounces for the quarter with per ounce costs averaging well below our target ranges for the year. Turning to gold, we were very pleased with the results from all of our gold mines, with each operation’s production and costs coming in at, or better than, expected levels. Equally important, at quarter end we remained well positioned to achieve our growth targets, including producing at least a half million ounces of gold in 2019 at AISC averaging below $1,000 per ounce.
Operating cash flow improves significantly
Tahoe Resources Inc has generated cash of $78.58 million from operating activities during the quarter, up 210.66 percent or $53.28 million, when compared with the last year period. The company has spent $48.13 million cash to meet investing activities during the quarter as against cash outgo of $27.41 million in the last year period.
The company has spent $17.75 million cash to carry out financing activities during the quarter as against cash outgo of $15.42 million in the last year period.
Cash and cash equivalents stood at $175.40 million as on Mar. 31, 2017, up 93.19 percent or $84.61 million from $90.79 million on Mar. 31, 2016.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
