Royex reports 2nd-quarter income of $1.2 million

Net income of $1.2 million before unusual items and $3.4 million (4 cents per share) after unusual items was reported by Royex Gold Mining (TSE) for the second quarter ending March 31.

For the same period in 1987, the company recorded a loss of $1.8 million, before unusual items, and net income of $85.2 million ($1.51 per share), after unusual items. (On March 10, 1987, the company sold its 51% interest in Mascot Gold Mines to Lacana Mining, both companies listed on the TSE).

For the six months of fiscal 1988, earnings were $6.1 million before, and $8.4 million (11 cents per share) after, unusual items; for the first half of fiscal 1987, the company had a loss of $3.2 million before, and $83.7 million ($1.46 per share) after, unusual items.

When results from the Williams mine (subject of a legal dispute between TSE-listed Lac Minerals and TSE-listed International Corona Resources, in which Royex has a 49% interest) are included, Royex had second-quarter earnings of $3 million before, and $5.3 million (7 cents per share) after, unusual items. Six- month results were $11.4 million before, and $13.7 million (19 cents per share) after, unusual items.

Royex’s revenues during the second quarter were $20.5 million excluding, and $40 million including, the Williams mine results. For the first six months of fiscal 1988, revenues totalled $47.3 million excluding, and $90.8 million including, the Williams mine.

A proposed merger involving Royex, Corona, Lacana, Mascot and Galveston Resources (TSE) was voted on by shareholders June 3.