05:07 PM EDT, 05/02/2024 (MT Newswires) -- Santacruz Silver Mining ( SZSMF ) on Thursday said it swung to a profit for 2023 from a prior loss, even though revenue fell.

The company, which has operations in Bolivia and Mexico reported said it earned US$16.2 million, or US$0.05 per share, compared with a loss of US$18.5 million, or US$0.05 per share, in 2022.

Revenue fell 10% over the same period, from US$279 million, in 2022, to US$251.2 million.

Arturo Prestamo, Executive Chairman and Interim CEO, said Santacruz has made "significant progress" on improving its financial position, recently announcing amended terms of sale to acquire Glencore's Bolivian assets.

Santa Cruz shares closed up C$0.01 to C$0.28 on the TSX Venture Exchange.