Farady records healthy quarter

Faraday Resources of Toronto reported a net income for the first quarter of 1987, before extraordinary item, of $5.3 million (compared with $225,000 for the same period last year), and after extraordinary item, $6.96 million (compared with $324,000 last year).

Revenues during the first quarter this year totalled $7.3 million. Earnings per share during the quarter, before extraordinary item, were 82 cents , and after extraordinary item, $1.09. (The extraordinary item is identified as income tax reduction realized on application of resource expenditures of prior years.)

Revenue during the quarter included $3 million from equity in the earnings of Conwest Exploration, $2.85 million from the sale of oil and gas interests and $1.1 million from other investments.