Net income of $2.25 million (6 cents per share) was reported by Belmoral Mines (TSE) for the first quarter of 1988, compared with $1 million (4 cents per share) for the same period last year. Revenues during the quarter totalled $7.8 million compared with $8 million for the same period in 1987.
The net income includes an extraordinary item of $788,000 ($300,000 in the first quarter of 1987) for income tax reduction resulting from the application of losses of prior years.
During the first quarter, Belmoral produced 13,023 oz gold and milled 49,829 tons ore grading 0.28 oz gold per ton at its Val d’Or, Que., operations. Last year during the first quarter, the company produced 13,889 oz from 103,872 tons ore averaging 0.15 oz.
The company, debt-free and with more than $28 million in cash reserves, reports mining improved grades during the last quarter of 1987 and the first quarter of 1988.
In other news, Belmoral’s common stock will be included in the expansion this month of the NASDAQ national market system in the U.S. (NASDAQ is an over- the-counter stock-trading system.)
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