Goldcorp profit leaps on foreign exchange tax gain
09:13 EST Thursday, Feb 19, 2009
TORONTO — Goldcorp said Thursday its fourth-quarter profit more than tripled, as the company recorded a massive non-cash foreign exchange gain on the revaluation of
future income tax liabilities.
Canada's No. 2 gold producer earned $958.1-million, or $1.31 a share, in the quarter ended Dec. 31. That was up from $256.6-million, or 36 cents a share, in the year-before period.
Stripping out the gain, the company earned $85.4-million or 12 cents a share. That beat the expected profit of 11 cents a share, as polled by Thomson Reuters.
Quarterly revenue fell 10 per cent to $609-million, as an 11 per cent increase in gold production was more than offset by lower prices for silver and copper, which the company produces as byproduct.
The Vancouver, British Columbia-based company has mines in Canada and throughout Latin America, and is developing the Pensaquito property in Mexico and has a share of the Pueblo Viejo joint venture in the Dominican Republic.
