RAB Special Situations (fka RAB)

[Tackler]

NP says Energem Resources Q2 profit takes a hit

2004-08-04 08:45 ET

The National Post reports in its Wednesday, Aug. 4, edition that Energem Resources swung to a loss in the latest quarter from a year earlier profit due to a change in the sales mix, lower margins and the focus on development activities. The Post's Page Two column reports that the mining company said its second quarter loss totalled $1.6-million (U.S.) or two U.S. cents a share versus a profit of $4.5-million (U.S.) or eight U.S. cents in the same period last year. Revenue decreased 17 per cent to $21.9-million (U.S.) from $26.3-million (U.S.) in the second quarter 2003. Energem said it remains on track with development of its projects and trading positions with a view to ramping up earnings from the latter part of 2004.