Price problems slash earnings for Westmin Res.

Even though the company’s mineral and hydrocarbon production was up sharply, price problems for both combined to reduce Westmin Resources’ 9-month earnings to $5,383,000 from earnings of $24,519,000 in the similar period last year.

After provision for preferred dividends, there was a net loss of 18 cents per common share in the latest period, versus per-share earnings of 34 cents in 1985.

Gross operating revenue in the latest 9-month period rose 13% to a record $144,180,000 from $127,277,000 in the similar 1985 period.

Gross revenue in the third quarter this year was $45,496,000, resulting in net earnings of $4,109,000, which Westmin says essentially equalled preferred dividend requirements. In the 1985 third quarter, gross revenue was $38,666,000 for net income of $6,798,000.

Nine-month cash flow totalled $41,256,000 against $62,038,000.

As of Sept 30, working capital stood at $123,102,000, up by $35,519,000 from year-end 1985. The latest figures include $120,944,000 in cash and short-term investments, the company says.