Results for the year ended Dec. 31 for Hycroft Resources & Development (VSE) improved over the previous year as a result of higher sales and lower writedowns.
The company reported a loss of $141,000 for 1990, compared with a loss of $4.6 million in 1989.
Net earnings in 1989 were affected by writedowns of $1.3 million and non-recurring losses and expenses totalling $1.8 million.
Sales improved to $45.5 million, compared with the $41.8 million reported in 1989. The increase was the result of a jump in gold production to 92,601 oz. from 82,348 oz.
The production increase was offset by a drop in the realized price of gold to US$421 per oz. from US$437 per oz.
Operating profit for the year was $4.9 million, up from the $3.4 million in 1989. Hycroft Resources & Development (VSE) 3 months ended Dec. 31 1990 1989 Revenue $12,352 $10,892 Net earnings (loss) 121 (890) per share 0.01 (0.07) 12 months ended Dec. 31 1990 1989 Revenue $45,461 $41,840 Net earnings (loss) (141) (4,596) per share (0.01) (0.34)
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