Net income for the first nine months of the year was $17.9 million ($1.03 per share) compared with $2.3 million (13 cents per share) for the same period last year, Kerr Addison Mines reports.
The company says the increase in income reflects pre-tax gains of $24.6 million on the disposal of investments and other assets, including a gain of $17.6 million on the sale of the company’s equity in MFC Mining Finance Corp. Kerr attributes the rise in production revenues and operating income during the nine-month period to the inclusion of the operating results of Minnova Inc., control of which was acquired by Kerr in 1986. This transaction also contributed to the higher mineral exploration, depreciation and amortization charges this year.
Gold production was 79,000 oz during the first nine months, including 19,000 oz from the Kerr Addison mine during the first half. The company on June 30 sold the mine and mill complex, located at Virginiatown, Ont., together with certain nearby exploration properties, to Golden Shield Resources.
On Sept 1, Kerr bought, for $200 million, 8 million shares of Mico Investments Ltd. at $25 per share. Mico, a private company formed by Hees International Corp., invests in high-yielding shares of Canadian corporations.
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