Glamis profit hurt by court decision

A lawsuit which went against Glamis Gold hurt the company’s bottom line for the fiscal year ended June 30. For the period, net earnings totalled $429,538 or 3 cents per share compared to earnings of $2.1 million or 16 cents per share realized in 1985.

Glamis had to pay $1.4 million after losing a court case, which is under appeal. Also, higher production costs at the Picacho gold mine in the U.S. and increased administration costs impacted negatively on the company’s financial performance. Gold output for the year was 27,400 oz, up marginally from 26,378 oz in the previous year.

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