February 22nd, 2018

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

By The Canadian Press on February 14, 2018.

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)

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