The junior reported net earnings of $706,000 (or 5 cents per share) for the quarter ended Sept. 30, compared with a loss of $7.4 million (62 cents per share) for the corresponding period in 1997.
The company attributes the profit to ongoing improvements in mine operating costs, productivity, and off-site smelting and refining charges.
The improved performance was not enough to pull the company out of the red, however. Losses for the year up to Sept. 30 totalled $15.2 million, compared with $18.9 million during the same period in 1997. The company fulfilled the last of its palladium hedging contracts in July and says it is looking forward to realizing higher metal prices on the open market.
Be the first to comment on "Lac des les turns a profit"