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UPDATE 1-Silver Wheaton profit falls about 15 pct

Published 2015-08-11, 06:03 p/m
© Reuters. UPDATE 1-Silver Wheaton profit falls about 15 pct
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Aug 11 (Reuters) - Canada's Silver Wheaton Corp SLW.TO
SLW.N , which provides financing to miners in exchange for the
right to buy a share of their future production, reported a 15
percent fall in profit, hurt by higher cost of sales and lower
commodity prices.
The company said on Tuesday it expects federal and
provincial tax of about C$190 million ($145 million), resulting
from Canada Revenue Agency's proposal to tax about C$715 million
of income earned by the company's foreign units between 2005 and
2010.
The company added it will defend its tax filing positions
vigorously.
The company, which provides financing to companies such as
Goldcorp Inc G.TO , Primero Mining Corp P.TO and Barrick Gold
Corp ABX.TO , said average realized sale price per silver
equivalent ounce sold fell more than 17 percent to $16.38 per
ounce in the second quarter.
Gold and silver prices have been tumbling as investors shift
to higher yielding assets in anticipation of a rate increase by
the U.S. Federal Reserve.
Silver Wheaton's net profit fell to $53.7 million, or 13
cents per share, in the quarter ended June 30, from $63.5
million, or 18 cents per share, a year earlier.
Revenue rose 10.7 percent to $164.4 million.
Up to Tuesday's close, company's Toronto-listed stock had
fallen 42 percent in the last 12 months, while the U.S.-listed
stock fell 51 percent.
($1 = 1.3106 Canadian dollars)

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