Goldcorp profit jumps on metals prices

Goldcorp Inc. said Thursday its fourth-quarter adjusted profit more than doubled, as it benefited from sharply higher prices for gold, silver, and copper.

Adjusted earnings, which exclude non-cash foreign exchange gains and losses on future income tax liabilities, rose to $182.7-million (U.S.), or 25 cents per share, in the quarter, from $84.4-million, or 12 cents per share, a year before.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 24 cents a share.

On a net basis, fourth-quarter profit fell to $66.7-million, or 9 cents a share, from $958.1-million, or $1.31 a share. The large drop was due to revaluation of future income tax liabilities, brought on by the sharp year-on-year drop by the U.S. dollar.

Revenue rose 28 per cent to $778.3-million, as prices of the metals Goldcorp produces rose sharply after the price crash of late 2008.

The Vancouver-based gold company, which recently acquired exploration firm Canplats Resources, as well as 70 per cent of the El Morro copper-gold deposit in Chile, expects to produce 2.6 million ounces of gold this year…read more at The Globe And Mail

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