Breakwater Resources reports 2008 loss of $88.3 million
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Hey there, time traveller!
This article was published 26/02/2009 (6310 days ago), so information in it may no longer be current.
TORONTO – Breakwater Resources Ltd. (TSX:BWR) reported a loss for 2008 as it wrote down the value of its mineral properties and fixed assets and faced higher operating costs and warned Thursday that there could be more trouble ahead.
The miner said the loss amounted to $88.3 million or 20 cents per diluted share in 2008 compared with a profit of $23.4 million or five cents per diluted share in 2007.
Revenue totalled $398.1 million, down from $404.3 million.
“Current global financial conditions have negatively impacted the economic environment and numerous financial institutions have either gone into bankruptcy or have had to be rescued by governmental authorities,” Breakwater said in a statement.
“If the current negative economic environment and market turmoil continue, the company’s ability to operate could be adversely impacted and the trading price of the shares could continue to be under downward pressure.”
Breakwater produces and sells zinc, copper, lead and gold concentrates from three mines in Chile, Honduras and Canada. Its Langlois mine in Quebec is currently on temporary care and maintenance.