Vancouver's Northgate Minerals Corp. (TSX:NGX) reported a 72% increase in revenue for the period ending June 30, 2008.
Second quarter revenue rose to $138.9 million from $80.9 million in the same period a year earlier.
Strong gold and copper sales contributed to the boost in revenues. The company sold 84,281 ounces of gold at a price of $896 per ounce versus 70,220 ounces at $667 per ounce in the second quarter of 2007.
Northgate reported copper sales of 16 million pounds of copper at an average price of $3.83 per pound compared to sales of 16.8 million pounds at $3.47 per pound.
Despite strong topline performance, the company reported a drop in net income to $1.1 million from $8.6 million a year earlier. A $6.8 million tax expense was the primarily reason for the loss.
But with strong production forecast and high metal prices, the company was optimistic it would generate significant cash flow for the remainder of the year.
Northgate's share price range during the past week: between $2.32 and $2.56; 52-week high: $3.49; 52-week low: $2.30.