Third-quarter net earnings of $2.1 million(C) on revenue of $88.6 million were reported by Hudson Bay Mining & Smelting (TSE) compared with $13.5 million on revenue of $80.2 million for the same period in 1987.
For the first nine months, Hudson Bay recorded net earnings of $13.6 million on revenue of $280.7 million compared with $35.6 million on revenue of $252.2 million for the same period last year.
President Lloyd Nilsen said higher copper and zinc prices during the third quarter were offset by reduced copper and zinc production resulting from temporary production problems at the company’s Flin Flon, Man., copper smelter and zinc refinery, and a 3-month strike at the Ruttan copper-zinc mine.
Hudson Bay is a wholly-owned subsidiary of Inspiration Resources of New York, which reported third- quarter net income of (US)$14.4 million (22 per share) on revenue of $284.9 million, compared with $7.8 million (12 per share) on revenue of $234.8 million for the same period last year.
For the first nine months of 1988, Inspiration recorded net income of $39.4 million (59 per share) on revenue of $1.2 billion, compared with $24.5 million (37 per share) on revenue of $1 billion for the same period in 1987.
Be the first to comment on "HudBay reports lower earnings"