Goldcorp sees net profit more than double to US$242M on one-offs [Business News Network (BNN) Energy & Resources (Canada)]
GOLDCORP (GG)
Last goldcorp earnings: 2/13 05:51 pm
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Source: Business News Network
Goldcorp sees net profit more than double to US$242M on one-offs VANCOUVER -- Goldcorp Inc. ( G.TO ) says it more than doubled net earnings in the fourth quarter to US$242 million thanks in part to a boost from one-off items. The company says earnings, which work out to $0.28 per share, are up from US$101 million or $0.12 per share in the fourth quarter last year. Earnings were boosted by non-cash or other items including US$156 million from deferred tax recovery in Argentina, $27 million from disposing some mining interests, and $23 million from the net reversal of impairments. Revenue for the quarter came in at US$853 million, down slightly from the US$898 million in the fourth quarter of 2016. Gold production of 646,000 was also down from 761,000 a year earlier but was somewhat offset by higher prices. The company says its working through US$250 million in annual efficiencies and has nearly US$200 million in savings already in place.
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