Stronger prices for copper, nickel and aluminum enabled Noranda (TSE) to earn $411 million for the nine months ended Sept. 30, more than double the figure for the same period in 1994.
The resource giant generated revenue of $6.4 billion for the period, compared with $4.8 billion the year before. Earnings of $411 million represented $1.78 per share, versus $203 million, or 86 cents per share, in 1994.
Noranda’s mining and metals group provided earnings of $346 million; the forestry group, $136 million. Both groups improved substantially over the previous year. The oil and gas division provided $1 million, down from $52 million in the previous year.
Together, the groups generated revenue of $483 million before net borrowing and corporate expenses.
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