Net income jumped to $1.3 million or 40 cents per share for Mentor Exploration and Development for the nine months ended Sept 30, a substantial increase from $404,226 or 12 cents per share in the year-earlier period.
The gain was principally attributable to the 2-fold increase in profits on the sale of investments together with an increase in dividend income, says President Paul Penna.
In the most recent period, Mentor realized $1.6 million from the sale of investments versus $766,900 in the 1985 period. Dividend income in the latest 9-month period was $202,947 compared to $192,681 in the comparable 1985 period.
Mentor, of which Agnico-Eagle Mines holds a 41.5% interest, had a working capital deficiency of $2.8 million at the end of the latest 9- month period. This is significantly below the working capital deficiency of $6.3 million at the comparative 1985 period.
The company’s portfolio of long term investments consists of substantial minority shareholdings in associated Agnico-Eagle, Dumagami Mines and Sudbury Contact Mines.
These investments are carried at a cost of $15.76 million.
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