Brenda improves profit (November 14, 1988)

Stronger copper and molybdenum prices were responsible for improved earnings at Brenda Mines (TSE). The Noranda-controlled company, which operates a copper/ molybdenum mine in British Columbia, realized net earnings of $4.4 million or 90 per share for the third quarter ended Sept 30. This corresponds to earnings of 33 per share for the year earlier period.

For the 9-month period, earnings before extraordinary items were $9.4 million or $1.92 per share compared to 55 per share in 1987. Extraordinary gains arising from the sale of Kerr Addison Mines (TSE) shares and from the recovery of prior years’ income taxes raised 1987 final net earnings to 60 per share for the third quarter and $2.41 per share for the 9-month period.

The company’s mine operated throughout the quarter without the traditional vacation shutdown, so that full advantage could be taken of the continuing strong prices for copper and molybdenum.

A dividend of 10 per share was declared by directors in addition to an extraordinary dividend of 10 per share payable Dec 14.