Inco's profit plunges

Inco's profit plunges

TORONTO (AFP): Inco, the world's leading nickel producer, announced Monday its net profit plunged 97 percent to US$2.6 million in the third quarter of 1994, down from $91.2 million for the same period a year ago.

Earnings per share were $0.02, down from $0.83.

For the first nine months of the year, Inco registered a net loss of $65 million (minus $0.58 per share), compared with a net profit of $66.4 million ($0.58 per share) for the same period in 1993, the company said in a statement.

The 1993 results included profits from Inco's sale of 61.8 percent of TVX Gold Inc. stock, for a total of $127.9 million, or $1.16 per share.

Sales totaled $603 million in the third quarter, up from $468 million in 1993, and $1.7 billion for the first nine months, up from $1.6 billion.