* Fourth-qtr profit rises 5 pct to $22.4 mln
* Revenue rises 17 pct
Feb 26 Canada's First Majestic Silver Corp
, which backed out of a bidding war for Orko
Silver Corp last week, reported a 5 percent rise in
fourth-quarter profit on higher output and better silver prices.
Net income rose to $22.4 million, or 19 cents per basic
share, from $21.3 million, or 20 cents per basic share, a year
The company had 11 percent more shares outstanding during
the quarter compared with a year earlier.
Revenue rose 17 percent to $71 million.
The company said fourth-quarter production rose 22 percent
to 2.56 million silver equivalent ounces, while average realized
prices rose 2 percent to $32.42 per ounce.
Cash costs for the precious metal rose 16 percent to $9.26
The Mexico-focused company produced 9.1 million silver
equivalent ounces in 2012, up 20 percent from a year earlier.
First Majestic lost out on the chance to acquire Orko
Silver's La Preciosa project - the world's largest
underdeveloped silver mine - as it did not match a rival offer
made by Coeur d'Alene Mines Corp last week.
First Majestic owns two mines close to the La Preciosa mine
in Durango, Mexico, with a production capacity of about 7 to 9
million ounces of silver annually.
Shares of the Vancouver-based company closed at C$17.79 on
Monday on the Toronto Stock Exchange. Its New York-listed shares
closed at $17.35.