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Feb 14, 2018

Goldcorp sees net profit more than double to US$242M on one-offs

Goldcorp CEO wants more job automation in mining sector

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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.