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Dollar falls sharply on report South Korea will diversify currency reserves
Goldcorp 4th Quarter Profit
Falls 65% on Withheld Output
By Choy Leng Yeong
Bloomberg News Service
Monday, February 21, 2005
http://quote.bloomberg.com/apps/news?pid=10000080&sid=aS8K8sKCe0Vg
Goldcorp Inc., Canada's fourth-largest gold producer, said fourth-
quarter profit fell 65 percent as the company held back some of its
output from sales, betting bullion prices will rise later.
Net profit fell to $15 million, or 8 cents a share, from $43.3
million, or 22 cents a year earlier, the Toronto-based company said
in a statement distributed by Business Wire. Sales fell 53 percent
to $51.9 million from $110.6 million.
Goldcorp, which produced 166,254 ounces of gold during the quarter
mainly from its Red Lake Mine in Ontario, withheld 52,497 ounces
because it anticipates that prices will increase. In 2004, the
company held back about 32 percent of its annual output of 628,005
ounces from sale.
The drop in sales was partially offset by higher gold prices, the
company said. Gold futures traded in New York averaged 11 percent
higher in the fourth quarter than a year earlier as a decline in the
value of the dollar made the precious metal cheaper for buyers
holding euros. Goldcorp sold each ounce at $432 in the fourth
quarter, 11 percent more than a year earlier.
Spokesman Ian Ball didn't immediately return a voice-mail message
left at his office after regular business hours.
Goldcorp shares gained 10 Canadian cents to C$16.48 today in Toronto
Stock Exchange composite trading. They have fallen 7.1 percent in
the past year. The company released its earnings after the close of
regular trading.
Goldcorp's production will exceed 1.1 million ounces this year after
its C$2.44 billion ($1.98 billion) acquisition of Wheaton River
Minerals Ltd. Investors of the Vancouver-based gold and copper
producer on Feb. 14 accepted Goldcorp's stock offer.
Gold futures reached a 16-year high of $458.70 an ounce on Dec. 2 on
the Comex division of the New York Mercantile Exchange. A futures
contract is an obligation to sell or buy a commodity at a set price
by a specific date.
Barrick Gold Corp. is the largest Canadian gold producer by 2003
output, followed by Placer Dome Inc. and Kinross Gold Corp.
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