A net loss of $18.8 million (63 cents per share) for 1989, compared with a net income of $2.9 million (10 cents per share) in 1988, has been reported by Hope Brook Gold (TSE). Revenues totalled $38.1 million compared with $39.7 million for 1988. The company said the loss was a result of continuing problems with the startup of the mine in southwestern Newfoundland, which was placed in production in August, 1987. Gold production in 1989 was 84,324 oz., compared with 73,993 oz. in 1988.
Capital and exploration expenditures for 1989 were about $16 million compared with $32.3 million in 1988.
Hope Brook’s parent BP Canada (TSE) recorded a net income of $17.9 million (0.36 cents per share), compared with $10.3 million (0.20 cents per share) in 1988. The figure includes an extraordinary tax recovery of $4 million. Also included in the 1989 income is a $10.6-million gain on the sale of oil and gas properties and a $10.9- million writeoff on the book value of the Millstream potash property.006 0500,0211,0307 Hope Brook Gold (TSE) Year ended Dec. 31 1989 1988 Revenue (000s) $38,094 $39,668 Net earnings (000s) (18,817) 2,887 Net earnings
(per share) (0.63) 0.10004
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