St. Genevieve Res. reports loss in ’87

A net loss of $3.8 million (47 cents per share) was reported by St. Genevieve Resources (ME) during 1987, compared with a loss of $11,980 (1 cents per share) for the previous year.

The company attributes the loss, in large part, to financing activities used for investment purposes. Also, consolidated financial results for 1987 represented revenues and expenses for a 2-month period only of St. Genevieve’s 56.7%-owned subsidiary, Louvem Mining (TSE).

St. Genevieve says operating results should appreciate in 1988 with Louvem contributing for a full 12 months and the company also says it plans to tighten production and administrative costs.

Total assets of St. Genevieve exceeded $100 million at Dec 31, 1987, compared with $4.2 million a year earlier. Counted among the assets are more than eight million shares (85.9%) of Bay Resources & Services (ASE) and the company’s equity position in Louvem.