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8/12/13

Fortuna Silver (FVI.to) (FSM) posts a $10.571m loss for 2q13

The big miss (average analyst EPS estimate +4c, reality -8c) is mainly due to a $15m write down on its Caylloma mine in Peru, which got partially offset by a tax credit. Probably a better yardstick is mine operating income (MOI) at $6.478m...which is still a miss. NR here.


Revenues of $30.101m and cost of sales at $23.623m leaves a thinnish margin. FWIW, in the analysis of IKN221 I had them down for a $9m MOI (the costs guess was nearly spot on, the revs guess at $33m was a tad high). By the way, that 3q13 estimate you see above is probably pitching a bit high and will need to change now.