The Placer Dome (TSE) subsidiary reported net earnings of $10 million (83 cents per share) for the quarter ended March 31, compared to $5.6 million (46 cents a share) in 1988. Revenues were $31.9 million for the period, compared to $25.6 million in 1988.
Anthony Petrina, president, said lower sales of copper concentrate partially offset these positive factors, as did higher smelter charges and depletion expense relating primarily to the Pollyanna pit.
Production of copper concentrate was reduced by the processing of harder ore of lower grade, while the production of cathode copper was hurt by harsh winter weather conditions.
Although production of cathode copper declined to 2.15 million lb from 2.77 million lb in 1988, first- quarter results include the sale of five million lb from stockpiles accumulated during a labor dispute in 1988.
Gibraltar’s cash position increased during the first quarter by $6.25 million to $36.74 million after a dividend payment of $15.65 million or $1.30 per share.
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