Keweenaw Land Association, Limited Reports Earnings Results for the Second Quarter Ended June 30, 2019
August 14, 2019
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Keweenaw Land Association, Limited announced earnings results for the second quarter ended June 30, 2019. For the second quarter, the company announced total revenue was USD 1.690 million compared to USD 1.916 million a year ago. Operating loss was USD 169,308 compared to USD 1.753 million a year ago. Net loss was USD 258,083 compared to USD 1.877 million a year ago. Basic loss per share was USD 0.2 compared to USD 1.44 a year ago. For the half year, total revenue was USD 7.186 million compared to USD 6.308 million a year ago. Operating income was USD 497,522 compared to operating loss of USD 1.511 million a year ago. Net income was USD 1.242 million compared to net loss of USD 1.765 million a year ago. Basic earnings per share was USD 0.95 compared to basic loss per share of USD 1.36 a year ago.
Keweenaw Land Association, Limited is a subsurface mineral mining company. The Company operates as a forest products and land management company owning substantial subsurface mineral rights. It is focused on its mineral assets. It owns approximately 428,909 acres of mineral rights located predominantly in Michiganâs Upper Peninsula. It is involved in mineral exploration and mineral asset management. The Company acts as a mineral lessor, mineral royalty holder, and commercial property lessor. Its subsidiaries include Keweenaw Properties LLC and Keweenaw Minerals LLC.