The controlling shareholder of American Barrick Resources (TSE), Horsham (TSE), achieved record second-quarter earnings, thanks to the performance of its oil producing subsidiary. Horsham said net earnings for the three months ended June 30 increased by 46% to US$19.5 million or 22 cents per share compared with US$13.4 million or 16 cents per share in the same period last year.
Second-quarter revenues advanced to $656.8 million from $565.8 million in the equivalent 1989 quarter.
The biggest factor in those results was Horsham’s refining and marketing subsidiary Clark Oil & Refining Corp. During the quarter, Clark Oil contributed US$18.1 to Horsham’s earnings compared with a loss of US$2.9 million in the first quarter. Clark’s refining gross margin jumped to US$6.66 per barrel in the second quarter from US$2.56 per barrel in the first three months of 1990.
As a result, Horsham reported first-half earnings of US$22 million or 25 cents per share, compared with US$21.7 million or 27 cents per share in the equivalent period last year.
Six month revenues advanced to US$1.3 billion from US$965.5 million in the first half of 1989.
Also factoring into the Horsham earnings picture was a 133% upswing in the 6-month earnings reported by American Barrick. The Toronto gold producer contributed US$6 million to Horsham’s first- half earnings, up from US$1.9 million in the 1989 period.0600,0206,0300,0008 Horsham (TSE) $000s except per share items* Second quarter ended
June 30 1990 1989 Revenue $657,806 $565,894 Net earnings 19,546 13,404
Per share 0.22 0.16 *US dollars004
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