Write-off puts Wharf in red

Toronto-based gold producer Wharf Resources (TSE) reported a loss of US$5.8 million (33 cents per share) for the year ended Dec. 31, 1990, after the company wrote off its US$11.5-million investment in United Coin Mines (TSE). Before the write-off, Wharf’s annual earnings were US$5.7 million (28 cents per share) on revenue of US$29.5 million, compared with US$6 million (31 cents per share) on revenue of US$29.4 million in 1989. Fourth quarter earnings, before the write-off, rose to US$1.1 million (5 cents per share) on revenue of US$$7 million, compared with US$600,000 (3 cents per share) on revenue of US$6 .1 million in the year-earlier period.

Cash flow from operations remained strong at US$9.8 million, while gold production rose 5% to 80,621 oz. from 76,988 oz. in 1989. Wharf’s cash production cost per ounce of gold rose to US$192 from US$180 a year ago. The company has sold forward 51,000 ox. of gold for delivery in 1991 at an average price of US$414 per oz.


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