Inco Ltd. is reporting third quarter 2002 net earnings of $91 million (CDN).
That compares with earnings of $33 million for the corresponding period of 2001.
But for the first nine months of 2002, Inco reported a loss of $1,480 million compared with net earnings of $310 million in the 2001 period.
The results for the first nine months of 2002 included the previously announced non-cash after-tax asset impairment charges of $1,626 million to reduce the carrying value of the Voisey?s Bay project and certain other assets, and unfavourable non-cash currency translation adjustments of $4 million.
?Despite overall weakness and uncertainty in the global economy, Inco has benefited from sustained strength in nickel demand which has led to higher sales and higher nickel prices,? said Inco chair Scott Hand.
?We also benefited this quarter from higher platinum-group metals production and higher platinum prices. While we are managing through several short-term operational issues which have adversely affected costs, our balance sheet remains strong, we are making progress in advancing our growth strategy, and we remain well positioned to take advantage of an improving nickel market.?
Nickel deliveries increased 12 per cent in the third quarter of 2002 compared with the corresponding 2001 period, reflecting higher demand for the company?s products primarily by the stainless steel industry.
Nickel production increased in the third quarter of 2002 relative to the third quarter of 2001 primarily due to a decision to run the company?s Ontario operations in 2002 without any planned vacation shutdown.
Copper deliveries decreased 13 per cent in the third quarter of 2002, compared with the corresponding 2001 period, due to lower production attributable to efforts to improve productivity taking longer than anticipated to implement.
