Earnings Reports (March 13, 1989)

Hope Brook Gold Inc. (TSE) reports net earnings for the year ended Dec 31 of $2.88 million or 10 cents per share on revenue of $39.66 million. For the five months ended Dec 31, 1987 the company reported net earnings of $591,000 or 2 cents per share on revenue of $4.97 million.

Rio Algom (TSE) reports net earnings for the year ended Dec 31 of $134.4 million or $3.02 per share on revenue of $1,979 million. For the same period a year earlier the company reported net earnings of $93.1 million or $2.12 per share on revenue of $1,533 million.

An extraordinary benefit of $19.7 million, or 45 cents per share, resulted from the utilization of prior years’ tax losses.

Pacific Trans Ocean (ASE) reports a net loss for the six months ended Dec 31 of $10.5 million on revenue of $3.73 million. For the same period a year earlier, the company reported a net loss of $349,596 on revenue of $91,618.

During the first nine months of the current fiscal year, Noramco Mining (TSE) recorded a loss, before extraordinary items, of $9.63 million or 66 cents per share.

Breakwater Resources (TSE) reports net earnings for the year ended Dec 31 of $2.28 million or 8 cents per share. For the same period a year earlier, the company reported net earnings of $4.2 million or 19 cents per share.

This decrease in earnings results form a large writedown of several of the company’s mineral properties and Breakwater’s portion (19.9%) of the loss of Noramco Mining Corp. (TSE) since June 30, 1988 which was primarily attributable to the operation of the Golden Rose mine before its closure on Nov 24.

Rayrock Yellowknife Resources (TSE) reports net earnings for the year ended Dec 31, of $6.61 million or 68 cents per share on revenue of $34.41 million. For the same period a year earlier, the company reported net earnings of $6.92 million or 69 cents per share on revenue of $36.1 million.

Belmoral Mines (TSE) reports a fourth quarter net loss of $8.99 million or 23 cents per share on revenue of $5.34 million, compared to net income of $3.10 million or 10 cents per share on revenue of $9.26 million for the year earlier period.

Fourth quarter results include an extraordinary item of $143,000 for reduction in income taxes resulting from application of losses of prior years. A similar extraordinary item in the 1987 fourth quarter amounted to $1.16 million. A $6.44 million write-down of investments in resource companies was also absorbed in the fourth quarter.

For the year ended Dec 31, 1988 the company reports a net loss of $7.0 million or 18 cents per share on revenue of $25.6 million. For the comparable previous year the company reported net income of $3.54 million or 11 cents per share on revenue of $30.7 million.

Dumagami Mines (TSE) reports a net loss for the 3-month period ended Dec 31, 1988 of $31,004 or nil per share on revenue of $7.72 million. Since the company only began commercial production on Oct. 1, 1988 there are no operating figures for the corresponding 1987 period.

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