Belmoral reports 9-month income of $436,000

A net income of $436,000 (1 cents per share) has been reported by Belmoral Mines for the first nine months of 1987, compared to a loss of $410,000 (2 cents per share) for the same period last year. Revenues for the first nine months this year totalled $21.5 million compared with $18.5 million (restated) for the same period in 1986.

Third-quarter net income this year amounted to $87,000 on revenues of $7.6 million, compared with $1.04 million (restated) on revenues of $7.4 million for the same period in 1986.

The Toronto-based company reported a first-quarter profit this year of $1 million and a second- quarter loss of $656,000. Belmoral recently made an unsuccessful bid to purchase a controlling interest in Quebec-based Louvem Inc. Initially forecasting gold production of 72,000 oz this year, Belmoral now says it will produce about 50,000 oz.

During the third quarter, Kenneth Dalton was named chairman and chief executive officer of the company following the resignation of J. Malcolm Slack as president. New Belmoral president is Steven Harapiak.

A private placement during the quarter nettted Belmoral $28 million. The debt-free company reports cash reserves of more than $30 million.