Dynatec in black despite slowdown

Contract miner Dynatec (DY-T) reported net earnings of $700,000 in the latest quarter ended Sept. 30, down from $3.1 million a year earlier.

The company has three divisions: mining services, drilling services and metallurgical technologies. President Robert Dengler described the latest results as “disappointing,” though he noted that the slowdown in mining activity is leading to several possible investment and contract mining opportunities that are currently being reviewed.

Net earnings for the 9-month period ended Sept. 30 totalled $4.5 million on revenue of $116.5 million, compared with earnings of $3 million on revenue of $121.7 million a year earlier.

In the first nine months of this year, Dynatec increased its working capital by $7.9 million and net cash by $12.1 million.