Earnings Report (May 15, 1989)

Inspiration Resources (TSE) reported a net loss of $0.3 million(US) in the first quarter of 1989, compared to a loss of $5.0 million (8 cents per share) in the same period last year. First-quarter revenues were $293.8 million, compared with $282.7 million the year before.

Asamera Minerals (TSE) reported a net first-quarter income of $970,000(US) or 4 cents per share. During the first quarter of 1988 net income was $1.8 million or 7 cents per share. Cash flow was $2.9 million compared to $3.9 million last year.

Declining precious metal prices caused the reductions.

A net loss of $1.1 million (6 cents per share) was reported for the first quarter of 1989 by Canada Tungsten Mining Corp. (TSE). Last year, the company reported a first-quarter loss of $422,000 or 2 cents per share. Increased operating costs and a higher exploration budget accounted for the increased loss, the company said.

The company had $12.6 million cash and marketable securities on hand as of March 31.

Net earnings of $68.6 million(US) were recorded by Asarco Inc. for the first quarter of 1989, compared with $44.5 million for the same period last year. During the quarter the company earned $1.63 per share, compared with $1.05 last year.

Sales of products and services for the quarter totalled $618.2 million, compared with $446.8 million for the same period in 1988.

Higher prices for copper and zinc and higher sales volumes of refined copper and zinc concentrates helped increase the quarterly earnings.

Northgate Exploration (TSE) reported a first-quarter net income of $6 million or 30 cents per share compared to $648,000 or 3 cents per share in the same period last year.

On March 31 Northgate’s consolidated cash position was $126 million ($5.73 per share) and it had a book value of $210 million ($9.56 per share).

Canamax Resources (TSE) reports a net loss of $7.5 million for the quarter ended Dec 31, or 49 cents per share. Net loss for the same period of 1987 was $5.9 million or 40 cents per share. Revenue was $5.1 million compared to $1.4 million the year before. The increased revenue is partly due to production of Canamax’s 100%-owned Bell Creek mine.

Franco-Nevada Mining Corp. (TSE) reported a net first-quarter profit of $1.5 million or 13 cents per share, up from $129,600 or 1 cents in the same period last year. Revenue was up to $3.2 million from $1 million the year before. Working capital increased to $14.9 million from $5.5 million.

The increased revenue was from Franco-Nevada’s royalty interest in the Goldstrike mine in Nevada which is currently undergoing expansion.

Net first-quarter earnings for Hudson Bay Mining and Smelting (TSE) were $11.9 million on revenues of $126.6 million. In the same period of 1988, the company reported net earnings of $8.8 million on revenues of $94.3 million.

The company’s 60%-owned nickel mine at Namew Lake, Man., will reach full production later this year and is expected to produce more than 10 million lb nickel annually.

HBMS is a wholly-owned subsidiary of New York-based Inspiration Resources (TSE).

Net first-quarter profit for Minnova (TSE) was $0.2 million or 2 cents per share. In the same period last year, Minnova’s net earnings were 3 cents per sh are. Cash and short-term investments declined to $44.6 million from $54.9 million the year before.

The declines were due in part to a stronger Canadian dollar, low gold prices and a temporary production shortfall at all three of Minnova’s operating mines early in the year. The mines are now back at expected operating levels.

On May 8, Minnova announced a dividend of 10 cents per share to be paid on June 16 to shareholders of record as of May 26.

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