Horsham adds to quarterly profit

Toronto-based Horsham (TSE), which controls gold producer American Barrick Resources (TSE), recently reported a sharp increase in first- quarter earnings.

Horsham said earnings for the first three months of 1991 increased to US$13.3 million or 15 cents a share from US$2.5 million or three cents a share in the same period last year. While quarterly revenues dropped slightly to US$564.5 million from US$615 million a year ago, President Jeremy Garbutt said the company benefited from strong refining margins of 60% owned Clark Oil and Refining. He also attributed Horsham’s performance to successful hedging activities and strong market conditions. Horsham (TSE)* 3 months ended Mar. 31 1991 1990 Revenue $564,548 $615,034 Net earnings 13,308 2,469

per share 0.15 0.03