Unaudited net earnings of $44.2 million ($5.35 per share) for the first nine months of 1988 were recorded by Lornex Mining (VSE), compared with $26.8 million ($3.25 per share) for the same period last year.
Net revenue from mine production during the 9-month period totalled $176.9 million, up from $142.3 million for the same period in 1987.
During the third quarter, net earnings were $15.4 million ($1.86 per share) compared with $11.1 million ($1.35 per share) for the same 3-month period in 1987. Third- quarter net revenue from mine production was $59.3 million, compared with $52.1 million in 1987.
Lornex attributes the 65% increase in net earnings for the nine months in large part to increased copper prices which averaged about $1.08(US) per lb to the end of September, compared with 71 for the same period in 1987.
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