A loss of $961,000 or 30 cents a share is reported by United Keno Hill Mines for the 1987 first quarter. It compares with a loss of $697,000 or 24 cents a share in the similar period last year.
The company explains that a change in accounting policy had the effect of lowering quarterly profit by $255,000. Compared to a former basis of revenue recognition, concentrate in transit is now carried on a cost-of-production basis and not net realizable value.
In the latest quarter, the company spent $1,493,000 on exploration, and $730,000 net of the flow- through premium was charged against earnings.
Gross revenue from metal sold increased to $3,288,000 for the quarter, from $2,756,000 in the corresponding period last year.
Be the first to comment on "United Keno has near-million loss in quarter"