Falco results signal turnaround

Higher nickel prices and increased output enabled Falconbridge (TSE) to post solid results for both the fourth quarter and the past year.

For the quarter, the company earned $81.4 million (or 46 cents a share) on revenue of $563.2 million, compared with a loss of $7.4 million (or 7 cents a share) on $246.4 million in the same period in 1993.

For the year, the nickel producer earned $131.3 million on revenue of almost $2 billion, compared with a loss of $44.5 million on $1.4 billion in 1993. The results are due to higher metal prices, increased sales of nickel and ferronickel, a favorable U.S. dollar exchange on sales and revenues, and higher revenues on sales of precious metals from the Sudbury division. Nickel output for 1994 rose to 98,800 tonnes, compared with 80,700 tonnes in the previous year. The Sudbury mines produced 36,800 tonnes of nickel-in-matte, compared with 38,300 tonnes in 1993.