Agnico Eagle Mines Limited (AEM) has reported an 173.32 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $75.95 million, or $0.33 a share in the quarter, compared with $27.79 million, or $0.13 a share for the same period last year. Revenue during the quarter grew 11.61 percent to $547.46 million from $490.53 million in the previous year period. Total expenses were 78.35 percent of quarterly revenues, down from 90.27 percent for the same period last year. This has led to an improvement of 1193 basis points in operating margin to 21.65 percent.
Operating income for the quarter was $118.54 million, compared with $47.72 million in the previous year period.
Operating cash flow improves significantly
Agnico Eagle Mines Limited has generated cash of $222.61 million from operating activities during the quarter, up 52.78 percent or $76.91 million, when compared with the last year period. The company has spent $153.69 million cash to meet investing activities during the quarter as against cash outgo of $107.60 million in the last year period.
Cash flow from financing activities was $181.57 million for the quarter as against cash outgo of $1.59 million in the last year period.
Cash and cash equivalents stood at $793.19 million as on Mar. 31, 2017, up 387.38 percent or $630.44 million from $162.75 million on Mar. 31, 2016.
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