Scorpio Mining logs net loss of $1 million in fourth quarter

VANCOUVER – Scorpio Mining Corp. (TSX: SPM) says it booked a net loss of $1 million in the fourth quarter of 2011 with no corresponding loss in share price.

The Vancouver-based company recorded net earnings of $15 million, or eight cents per share, in the fourth quarter of 2010. That figure includes a $11.5 million deferred income tax recovery adjustment.

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Sign up for breaking National newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

For all of 2011, Scorpio Mining saw its net earnings decrease 59 per cent to $12.6 million compared to net earnings of $30.7 million in 2010.

Included in the net earnings for 2010 is a $20.2 million gain on dilution and deconsolidation of Scorpio Gold Corp. and a $9.9 million deferred income tax recovery adjustment.

Mine operating earnings in 2011 increased 271 per cent to a record of $33.2 million compared to $9 million in 2010.

Scorpio Mining is a silver producer operating in Mexico.