First half 1988 earnings before other income of $76.3 million are reported by Placer Dome (TSE). The figure is 62% higher than in the same period last year, when earnings before other income were $47.1 million.
Net earnings in the latest period were $77.1 million, or 35 cents a share, compared to $99.7 million or 46 cents a share in the 1987 first half.
President John Walton said earnings were primarily from gold, with other metals making a significant contribution. But, he said, a 7% decline in the U.S. dollar against the Canadian dollar adversely affected earnings from all metals.
He said gold earnings were also affected by higher unit costs resulting from a 5% decline in production to 378,000 oz, reflecting the planned mining of low grade ore at some operations.
Lower earnings from gold were more than offset by an increase in earnings from other metals, including $17.8 million representing Placer Dome’s share of the earnings of Falconbridge Ltd. (TSE).
Placer Dome’s share of gold production for the whole of this year is still expected to be about 800,000 oz, Walton said.
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