Investments in oil and gold- producing affiliates, including American Barrick Resources (TSE), continue to pay off for Toronto-based Horsham (TSE). Thanks to the strong operating performance of 60% owned Clark Oil & Refining, Horsham reported third-quarter net earnings of US$40.3 million or 45 cents per share, compared with US$10.9 million or 13 cents per share in the equivalent period last year.
Revenues for the three months ended Sept. 30 increased to US$671.6 million from US$517 million in the third quarter of 1989.
In the first nine months of 1990, Horsham’s net earnings climbed to US$62.3 million or 70 cents per share on revenues of US$1.9 billion from US$32.6 million or 40 cents per share in the 1989 period on revenues of US$1.5 billion.
Its 1990 earnings include a gain of US$17.6 million or 19 cents per share on shares issued by 21.5% owned American Barrick. The shares were issued at a price in excess of Horsham’s carrying value.
“Horsham’s earnings benefited from Clark’s strong refining margins in the second and third quarters due to higher capacity utilization in the refining industry and Clark’s low-cost crude inventories,” said President Jeremy Garbutt. Horsham (TSE)* 3 months ended Sept. 30 Net earnings 40,309 10,924 per share 0.26 0.13 9 months ended Sept. 30 1990 1989 Revenue $1,944,442 $1,482,646 Net earnings 62,324 32,632
per share 0.51 0.4
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