Noranda earnings take a tumble

The earnings of Noranda (TSE) tumbled during the second quarter to a net profit of $1 million for the three months but a per-share loss of 7 cents after preferred share dividends.

For the same quarter last year, the company reported earnings of $32 million.

For the first half of 1993, Noranda recorded a loss of $30 million compared with earnings of $49 million for the same 6-month period last year. “Our first-half results reflect the fact that the weaker Canadian dollar, lower interest rates and continued cost constraints have only partly offset the impact of extremely weak prices for most of our commodities,” said President David Kerr.

Noranda’s mining and metals group recorded second-quarter earnings of $22 million, down from $55 million in 1992. The company says productivity remained satisfactory with production at planned levels at most operations. Weaker prices for base metals offset higher precious metal prices.