Hudson Bay Mining and Smelting moved well into the black in the first half this year, thanks primarily to higher production and sales volume for both copper and zinc.
In the second quarter, the company reports net income of $7.4 million on revenues of $95.5 million, against a 1986 second quarter loss of $9 million, on revenues of $6l2.4 million.
Hudson Bay notes that second quarter results this year included a gain of $3.5 million on sale of an interest in an idle Yukon mining property.
For the first six months, the company recorded net income of $22.1 million on revenues of $172.1 million, compared with a loss of $12.8 million on revenues of $130.5 million in the similar 1986 period.
Again, in the first half, results also included an $11.4-million gain from sale of an interest in a nickel property in northern Manitoba, as well as a $4.1 -million gain from the recovery of deferred taxes. President Lloyd Ni lsen says the second quarter improvement was due primarily to significantly higher copper producton and sales volume over the second quarter last year, when a smelter maintenance shutdown reduced copper output.
He adds that zinc production, sales and net selling prices also improved in the latest quarter.
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