Strong copper and zinc prices are being cited as reasons behind the strong financial performance of Asarco Inc. (NYSE) for the third quarter ended Sept 30.
For the period, the mining company made a profit of $45.9 million (US) or $1.09 per share. This compares with a profit of $227.5 million realized in the same period last year. The 1987 earnings include an extraordinary gain realized from the sale of the company’s interest in MIM Holdings and Asarco Australia, which totalled $222 million. A tax credit of $88 million is also included in the 1987 results. Deducting the non-recurring items, 1987 third quarter earnings were $28.5 million or 62 per share.
For the 9-month period, the company earned $134.5 million or $3.19 per share on sales of $1.38 billion. “Metal markets are excellent and Asarco’s costs are low,” Chairman Richard de J. Osborne said.
Strong copper and zinc prices are being cited as reasons behind the strong financial performance of Asarco Inc. (NYSE) for the third quarter ended Sept 30.
For the period, the mining company made a profit of $45.9 million (US) or $1.09 per share. This compares with a profit of $227.5 million realized in the same period last year. The 1987 earnings include an extraordinary gain realized from the sale of the company’s interest in MIM Holdings and Asarco Australia, which totalled $222 million. A tax credit of $88 million is also included in the 1987 results. Deducting the non-recurring items, 1987 third quarter earnings were $28.5 million or 62 per share.
For the 9-month period, the company earned $134.5 million or $3.19 per share on sales of $1.38 billion. “Metal markets are excellent and Asarco’s costs are low,” Chairman Richard de J. Osborne said.
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