The company’s mining division realized a 44% improvement in earnings. However, a high Canadian dollar effectively clipped $140 million from the company’s bottom line; money which would have been realized if the dollar had remained at average 1987 levels.
During the year, a tax loss carry forward added $60 million. This was offset by $62 million of unusual losses arising from asset writedowns and provisions for net of investment gains. Noranda says the impact of these items on earnings was negligible.
A dividend of 25 cents per share has been declared payable on March 31 to shareholders of record March 14. For shareholders electing to take the dividend in the form of shares, a price of $24.84 per share has been established by the company.
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