First Majestic Silver Reports Q2 Net Loss of $2.6 Million

First Majestic Silver Corp. (TSX:FR,NYSE:AG) announced its unaudited interim consolidated financial results for Q2 2015, commenting that it incurred a net loss after taxes of $2.6 million, or $0.02 per share.
The company’s production came in at 3.8 million silver equivalent ounces, including 2.7 million ounces of pure silver.
Other highlights include:

• Generated revenues of $54.2 million
• Mine operating earnings amounted to $3.4 million
• Operating cash flows before movements in working capital and taxes of $16.4 million or $0.14 per share
• Total cash cost, net of by-product credits, was $8.74 per payable silver ounce
• All-in sustaining cost (“AISC”) was $14.49 per payable silver ounce, a 20% reduction compared to $18.18 per ounce in second quarter of 2014
• Average realized selling price for silver was $16.99 per ounce, compared to the quarterly COMEX average silver price of $16.38 per ounce
• Cash and cash equivalents of $37.7 million held at the end of the quarter

Keith Neumeyer, president and CEO of First Majestic, commented:

Our all-in sustaining cash costs in the first half of 2015 came in at the low end of guidance at $14.18 per ounce, or a 23% reduction compared to $18.46 per ounce in the first half of 2014. Cost reductions at Del Toro have had a great impact on our bottom line with all-in sustaining costs falling to $7.13 per ounce in the first half of the year compared to $21.52 per ounce in the first half of 2014. Additional cost savings are anticipated in the second half of 2015 as we realize higher operational efficiencies at La Encantada due to its recent expansion to 3,000 tpd.

Click here to read the full First Majestic Silver Corp. (TSX:FR,NYSE:AG) press release.