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Business Watch
Artis revenues jump 30% in first quarter
ARTIS Real Estate Investment Trust has reported a big jump in revenues and earnings for the first three months of this year.
The Winnipeg-based REIT said Wednesday its revenues jumped 29.8 per cent to $82.1 million from $63.3 million in the same period last year.
That helped boost funds from operations -- the industry measure for profitability -- by 38.4 per cent to $29.9 million, or 31 cents a unit, from $21.6 million, or 28 cents a unit.
The first quarter was also a busy period for equity offerings and acquisitions. The company said it completed two equity offerings, raising $193.6 million, and acquired three new properties -- an office building in Saskatoon, another in Phoenix and an industrial building in Edmonton -- for a total of $113.3 million.
With the three acquisitions, Artis had 166 commercial properties in its portfolio at the end of March. The book value of the portfolio was $3.4 billion versus $3.2 billion at the end of 2011.
CEO Armin Martens said Artis also acquired four commercial properties last month in Western Canada, including the 100,875-square-foot Linden Ridge Shopping Centre in Winnipeg.
Earlier this week, it announced another $218.6 million worth of conditional and unconditional deals in Canada and the United States, as well as another equity offering, which is expected to raise $110.7 million for acquisitions and general trust purposes.
Artis units (TSX:AX.UN) closed Wednesday up 11 cents to $16.51.
San Gold produces 51% more gold in first quarter
SAN Gold Corp. dramatically increased production at its Rice Lake gold mining operation in Bissett this quarter.
The company produced a record 22,162 ounces of gold, 51 per cent more than in the first quarter of 2011.
That produced revenues of $35.5 million for the quarter, a 79 per cent increase from last year.
There was a net loss of $690,000 compared to a loss last year of $5.3 million.
The company had been gearing up to increase production by gradually increasing throughput at the mill.
It achieved record average mill throughput of 1,687 tons (1,530 tonnes) a day for the quarter, an 85 per cent increase compared to average mill throughput of 920 tons (835 tonnes) a day in the first quarter of 2011.
Total cash cost of gold production was $840 an ounce sold compared to $862 an ounce in the first quarter of 2011.
San Gold shares closed up seven cents to $1.40.
Ontario, Cliffs strike deal to develop mineral deposit
SUDBURY, Ont. -- Ontario's Liberal government announced a deal with Cliffs Natural Resources Wednesday to invest $3.3 billion to develop the Ring of Fire, a huge mineral deposit near James Bay, but First Nations are still not on board.
Cliffs plans to build a chromite mine, a transportation corridor to the area about 500 km northeast of Thunder Bay and a processing facility near Sudbury, Northern Development and Mines Minister Rick Bartolucci said.
The Ring of Fire includes the largest chromite deposit ever discovered in North America. The proposed smelter would process the chromite into a key component of stainless steel.
The $1.8-billion smelter in Capreol will create about 900 new jobs, including 450 when the facility is in operation by 2015, said Bartolucci.
He said Cliffs and the province were still negotiating the final agreement and had several outstanding issues.
-- from staff / news services
Republished from the Winnipeg Free Press print edition May 10, 2012 B5
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