Considerable jump in 1987 earnings for Noranda Inc.

An excellent fourth quarter helped Noranda Inc. boost its 1987 earnings almost eight times compared with the previous year.

The metals giant reported earnings for 1987 of $343.5 million ($2.14 per share) compared with $43.3 million (2 cents per share) for 1986. Revenue from sales in 1987 totalled almost $7.3 billion, up from $6.1 billion (restated) the year before.

Fourth-quarter earnings were $121.4 million (79 cents per share after preferred dividends) compared to a loss of $9.6 million (14 cents per share) for the same period in 1986. (Included in the fourth quarter earnings are unusual items in the net amount of $15.9 million.)

All divisions, including Noranda Energy which was up against weak natural gas prices and volumes, contributed to the improvement in earnings, the company says. Improved markets and fewer labor-related problems benefited the company. Noranda says that in 1986, strikes reduced earnings after taxes by $69 million.

At year-end, a 35% interest in Norcen Energy Resources and a 48% interest in North Canadian Oils were acquired in exchange for 34.8 million Noranda shares.