Lacana’s profit without Mascot lower in 1987

Earnings of $10.3 million (52 cents per share), before extraordinary items, for the nine months ending Sept 30, 1987, were recorded by Toronto-based Lacana Mining. Net earnings for the same period, after extraordinary items, totalled $11.4 million (57 cents per share). Revenues during the period amounted to $36.3 million.

Lacana, part of the Royex group, has changed its year-end from Dec 31 to Sept 30, and hence its 1987 fiscal year consists of only nine months.

For the 12-month period ending Dec 31, 1986 (the previous fiscal year), Lacana recorded earnings of $7.6 million (63 cents per share) before extraordinary items, and net earnings of $9.6 million (80 cents per share), on revenues of $37.2 million. (Extraordinary items in fiscal 1987 and fiscal 1986 represent reductions of deferred income taxes on the application of prior years’ losses.)

Lacana’s issued shares increased from 13.3 million at Dec 31, 1986, to 24.7 million at Sept 30, 1987, primarily because of the acquisition of a 51% interest in Mascot Gold Mines, the company says.

Lacana, which mines gold and silver, also derives revenue from oil and gas and the production of mica.

Not included in Lacana’s figures is income from Mascot’s Nickel Plate gold mine in British Columbia.