Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Goldcorp sees net profits more than double to US$242 million on one-offs

CP339544095
A Goldcorp sign is pictured at the Goldcorp annual general meeting in Toronto on Thursday May 2, 2013. THE CANADIAN PRESS/Aaron Vincent Elkaim

VANCOUVER – Goldcorp Inc. 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.

Companies in this story: (TSX:G)

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

iNFOTEL

Related Articles