MAG Silver Corp., a junior mining company with operations in Mexico, said it swung to a profit in the second quarter and trimmed its loss for the first half of the year.
For the three months ended June 30, 2011, the company reported a net income of $39,615 Canadian dollars compared to a loss of $1.39 million in the comparable quarter of 2010. For the first half of the year it had net income of $1.39 million compared to a loss of $3.55 million in the year-earlier period.
The Vancouver-based company said the change is due to the receipt of a $1.8 million arbitration award from Fresnillo plc recognized as income in the current quarter, and to decreased share based payment expense in the current period.
Shares closed up 40 cents, or 4.18 percent, to $10.09.