A writedown of $20.5 million helped push Total Energold (TSE) further into the red for the year ended Dec. 31. Total Energold recorded a loss of $28.1 million for the year on revenues of $46.9 million. This compares with a loss of $25.3 million in 1989 on revenues of $32.3 million.
The loss in 1989 included a writedown of $18.4 million. The company noted the 1990 writedown was related to mineral properties and investments.
Cash generated from operations jumped to $11.2 million from $8.6 million reported in 1989.
Total’s primary source of revenue is from its 55.3% interest in oil and gas producer, Ranchmen’s Resources. Total also owns 51% of Plexus Resources (TSE) which provided $3.8 million in revenue. Total Energold (TSE) 12 months end Dec. 31 1990 1989 Revenue $46,900 $32,300 Net earnings (loss) (28,100) (25,300) per share (0.85) (0.92)
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