Silver Wheaton Corp. experienced a lower profit in the third quarter as the mining company’s revenue fell and expenses rose.
The Vancouver-based company says its net income fell by 11 per cent to $119.7-million (U.S.) .
That’s the equivalent of 34 cents per share – down from 38 cents per share or $135.0-million in the third quarter of 2011.
The company’s revenue was down 13 per cent year-to-year, falling to $161.3-million from $185.2-million – mostly as a result of lower prices for silver.
Silver Wheaton’s expenses also went up, with the average cash cost rising four cents an ounce to $4.16.
The company declared a dividend of seven cents per share – about 20 per cent of the cash generated by operations during the quarter.