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Del Toro impairment drives First Majestic Silver Q4'17 results into the red

Lower mine operating earnings and a sizable impairment drove First Majestic Silver Corp. into the red for the fourth quarter of 2017, with the company reporting a net loss of US$56.1 million, or 34 U.S. cents per share, from a net profit of US$1.8 million a year ago, or 1 cent apiece.

The company booked a noncash impairment of US$65.5 million on the Del Toro project in Mexico.

Revenue declined to US$61.2 million from US$66.2 million a year earlier, as average realized silver prices declined to US$16.61 per ounce from US$17.10/oz.

All-in sustaining costs in the quarter rose to US$14.13/oz from US$12.90/oz, the company said Feb. 28.

Mine operating earnings fell to US$1.4 million, compared to US$9.9 million a year ago, due to lower production.

First Majestic's silver production in the quarter totaled 2.3 million ounces, with silver production for the full year down 18% year on year to 9.7 million ounces.

For full year 2017, the company posted a net loss of US$53.3 million, or 32 cents per share, from a net profit US$8.6 million, or 5 cents per share, in 2016.