Despite a 25% increase in revenue, Imperial Metals Corp. (TSX:III) has reported a net income of $22.7 million for 2007 compared with $82 million in fiscal 2006.
As a result of the 72% drop in net income, Imperial's net income per share fell to $0.71 compared with $2.75 the year before. The company's annual revenue was up to $265 million in 2007 compared with $211.4 million in 2006.
The Vancouver-based mining company cited lower contributions from its Mount Polley and Huckleberry mines, along with higher income tax provisions, as key reasons for the lower net income.
Imperial Metals' share price range during the past week: between $9.40 and $10.10; 52-week high: $19.37; 52-week low: $8.50.