The conversion of the balance of a 52,000-oz. gold loan to a U.S. dollar loan has brought about a $5.5-million profit for Pioneer Metals (TSE). As a result, net earnings for the first quarter ended March 31 totalled $4.3 million. This compares with a loss of $0.3 million for the corresponding period in 1989. The terms of the revised indebtedness are being negotiated with the company’s lender.
The company’s financial results for the year ended Dec. 31, 1989, showed a net loss of $79.16 million because of reductions in the carrying value of several Canadian projects.
The company recorded a $59.38- million writedown for its stake in the Premier gold mine near Stewart, B.C., and a $19.78-million reduction in the carrying value of its closed Puffy Lake mine in Manitoba. Pioneer Metals (TSE) $000s except per-share items* 3 months ended Mar. 31 1990 1989 Revenue $2.28 nil Net earnings (loss) 4,300 (300)
per share 0.19 (0.02)
Be the first to comment on "Extraordinary gain boosts Pioneer"