Net earnings of $18.1 million were reported by Cominco (TSE) for its 1992 second quarter ended June 30, a substantial improvement over this year’s first-quarter loss of $4.9 million.
The latest results include an investment gain of $2.3 million from the sale of 8.3 million share units of Cominco Resources International (TSE) in June, which reduced Cominco’s ownership in that company to 55.6% from 64.6%. The second-quarter earnings also represent an improvement over the comparable 1991 quarter when net earnings of $7.3 million were reported. Cominco noted that with the exception of the price for zinc, which was up 20% over the average of the 1991 second quarter, metal prices were lower than those received during the comparable period last year.
The operating profit of Cominco’s mining and integrated metals business segment was $24.2 million, compared with $13.4 million in the 1991 second quarter. The company attributed the improved performance to higher zinc prices as well as to cost reduction programs and productivity improvements at its Trail, B.C., operations.
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