For the year ended Dec. 31, Brenda Mines (TSE) reported a loss of $9.4 million or $1.93 per share on revenue of $49.8 million. That compares with net earnings of $14.6 million or $3 per share on revenue of $74.4 million in 1988. Revenues were restricted because of lower prices for copper and molybdenum, the company said. Ore milled during the year totalled 12,725,600 tons, compared with 12,440,830 the previous year. Total metal in concentrate produced was 18,049 tons copper and 3,610 tons molybdenum. That’s down slightly from the 19,988 tons of copper and 3,714 tons of molybdenum in concentrate produced in 1988.
A net loss of $3.9 million or 80cents per share was reported in the fourth quarter, compared with earnings of $5.3 million or $1.08 per share in the same quarter of 1988.
Cash and short-term investments increased by $5.2 million during the quarter, and stood at $72.7 million at year-end. The company has no debt.
Exploration efforts continued during the quarter, with Brenda’s share of spending $1.4 million in joint ventures with Noranda Exploration, Minnova and Vanderbilt. The company is also actively pursuing new exploration and acquisition opportunities.006 0500,0211,0307 Brenda Mines (TSE) Year ended Dec. 3119891988 Revenue (000s)$49,847$74,425 Net earnings (000s)(9,424) 14,628 Net earnings
(per share)(1.93) 3.0004
Be the first to comment on "Brenda reports $9 million loss"