Results took a turn for the worse for Westmin Resources (TSE) with the company reporting a loss of $3.2 million for the third quarter ended Sept. 30. This compares to earnings of $1.1 million in the third quarter of 1989. Revenue dropped significantly during the period, falling to $33.4 million from $46.3 million as a result of the sale of the company’s oil and gas assets.
For the first nine months of the year, Westmin recorded a loss of $1.9 million compared to earnings of $7.2 million in the comparable year-earlier period.
Results were affected by repairs to the underground crusher, a labor disruption, and the mining of lower- grade stopes at the company’s Myra Falls operation.
Cash flow for the nine month period was $17 million, down from the $31.9 million reported in the same period last year.
Westmin is reviewing all of its properties in light of recent operating results and anticipates that significant writedowns will be recorded at year-end. Westimin Resources (TSE) 3 months ended Sept. 30 1990 1989 Revenue $33,429 $46,266 Net earnings (loss) (3,162) 1,087
per share after pref div (0.19) (0.08) 9 months ended Sept 30. Revenue $108,732 $147,882 Net earnings (loss) (1,874) 7,232
per share after pref div (0.38) (0.15)
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