For the three months ended June 30, Granges (TSE) reported a loss of $972,000 versus a loss of $1.07 million in the second quarter, 1989. The company reported that earnings from mining operations for the second quarter were $1.4 million compared with $2.5 million in the previous year. The drop was attributed to an increase in costs at the Crofoot/Lewis mine because of higher stripping ratios. Granges does not expect the increased rate of stripping to continue.
A loss on the June sale of the Granges Lee placer mine of $368,000 also adversely affected results for the second quarter.
Net earnings for the first half of 1990 amounted to $732,000 or 2 cents per share versus a loss of $421,000 in the year earlier period.
Revenues for the six months ended June 30 were $29.6 million versus $31.7 million for the same period in 1989. The company noted the reduction in revenue was due to the suspension of mining operations at the Tartan mine in 1989, lower copper production, and lower gold production. Granges (TSE) $000s except per-share items 3 months ended June 30 1990 1989 Revenue $15,219 $16,685 Net earnings (loss) (972 ) (1,076)
per share (0.03 ) (0.04)
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