Kerr Addison Mines (TSE) had net income of $7.1 million or 41 per share for the nine month period ended Sept 30. During the same period in 1987, earnings per share totalled $1.03. The profits were generated by gains on the sale of investments, Kerr says.
The start of operations at the company’s Winston Lake zinc mine in Ontario resulted in an improvement in operating profits and sales or the period. Winston Lake entered production in April.
Cash and short term investments declined by $60.2 million to $142.9 million. Long term debt was reduced by $10 million to $125 million. A quarterly dividend of 15 per share was declared payable on Dec 14 to shareholders of record Nov 18.
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