Fluor’s St. Joe Gold Unit Says Net Fell 54% in Period

St. Joe Gold Corp., a mining subsidiary of the Irvine-based Fluor Corp., posted net income of $1.2 million for its second fiscal quarter ended April 30, down 54% from $2.6 million for the same period a year before. The company blamed the earnings decline on the production of a lower grade and volume of gold, only partially offset by generally higher gold prices.

Second-quarter revenue was $26.5 million, down 9% from $29.2 million in fiscal 1985.

However, higher gold prices boosted the company’s earnings for the first half of fiscal 1986 to $5.3 million, more than double the $1.9 million it posted for the same period of fiscal 1985. Sales for the six-month period were $55.2 million, up 17% from $47 million in the year-ago period.