Gold miner Goldcorp reports fourth quarter profit falls, but revenue rises

The Canadian Press – ONLINE EDITION

Gold miner Goldcorp reports fourth quarter profit falls, but revenue rises

By: The Canadian Press

Posted: 02/15/2012

VANCOUVER – Goldcorp Inc. (TSX:G) said Wednesday it earned US$405 million in its latest quarter as the gold producer’s revenue improved nearly 15 per cent.

The Vancouver-based miner said the profit amounted to 50 cents per share for the fourth quarter compared with $556 million or 76 cents per share a year ago when the company had fewer shares outstanding.

Revenue grew to $1.52 billion, up from $1.32 billion.

Excluding one-time items, Goldcorp said it earned an adjusted profit for the quarter of $531 million or 66 cents per share, compared with $431 million or 59 cents per share for the last three months of 2010.

Analysts had on averaged expected Goldcorp to report a profit of 60 cents per share on $1.51 billion in revenue, according to data compiled by Thomson Reuters.

During the quarter, the company produced 687,900 ounces of gold compared with 689,600 ounces a year ago. The average realized gold price was $1,663 per ounce, up from $1,378.

Goldcorp has said it expects to produce 2.6 million ounces of gold in 2012, about four per cent more than last year as it starts seeing output from its Pueblo Viejo joint venture in the Dominican Republic.

The company said it expects significantly increased production at its Penasquito mine in Mexico, offset by lower production at its Marlin mine in Guatemala as it moves to 100 per cent underground mining.

The company, which has several projects in development and set to come into production over the next couple of years, said it expects to be producing 4.2 million ounces of gold per year by 2016.

Goldcorp has mines as well as exploration and development projects in Canada, the United States, Mexico and Guatemala and Argentina. The company employs more than 14,000 people.

Shares in the company were down 23 cents at C$45.20 on the Toronto Stock Exchange on Wednesday.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: