Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Goldcorp's El Morro site in Chile
Goldcorp's El Morro site in Chile

Goldcorp profit jumps on metals prices Add to ...

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.

More Related to this Story

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.

 

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular