1996 but profit decreased due to a provision for Australian income taxes.

For the year ended December 31, the resources company made $617,000 compared to $1.1 million in the prior year.

Operating earnings for the year were $3.4 million compared to $3 million. But the income tax provision rose to $2.6 million from $1.2 million in the prior year.

The main reason behind improved operating earnings was a production increase at a joint venture mine in Australia.

Despite tougher copper pricing, revenues for the company rose to $16.2 million from $14.1 million.

In the fourth quarter, the company made $278,000 on revenue of $4.7 million compared to a $298,000 loss on revenue of $3.2 million in the prior year's fourth quarter. Operating earnings rose to $1.5 million compared to $226,000 earlier.

Nord Pacific, with operations in Australia, Papua New Guinea and North America, produces copper and explores for other base and precious metals. -- Bloomberg