Timminco Ltd. takes $2.4 million loss in third quarter

TORONTO – Timminco Ltd. (TSX:TIM) says it recorded a consolidated net loss of $2.4 million, or a penny per share, in the third quarter.

The Toronto-based firm sustained a net loss of $34 million, or 17 cents per share, in the same quarter a year ago.

Consolidated sales were down during the quarter to $28.6 million compared with $36.9 million in the third quarter of 2010.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Timminco produces silicon metal for the chemical silicones, aluminum and electronics solar industries, through its majority owned joint venture with Dow Corning, known as Quebec Silicon.

Timminco is also a producer of solar-grade silicon for the solar photovoltaic energy industry, through its subsidiary Becancour Silicon.

During the third quarter, John Fenger resigned as Timminco’s president and chief operating officer to “pursue other interests.”

Fenger was replaced as president by the company’s general counsel and corporate secretary, Peter Kalins, who will also retain those roles.