Sale of an interest in a nickel exploration property helped give Hudson Bay Mining and Smelting a first quarter profit of $14.8 million on revenues of $76.6 million, compared with a net loss of $3.8 million in the similar period last year on revenues of $68.1 million.
The company reports that in the latest period, in addition to the sale of a 40% interest in a northern Manitoba nickel property, which netted $11.4 million, it also recovered $4.1 million in deferred taxes resulting from a favorable ruling from Revenue Canada.
Lloyd Nilsen, president, says continued depressed metals prices in the quarter offset productivity improvements and cost reductions achieved by the company.
He said he looks for improved operating results in the second quarter, however, as a result of recent strengthening of base metals prices.
Be the first to comment on "Leap in profit for Hudson Bay"