Just one of the reasons that I believe that Goldcorp is extremely well managed.
Friday, May 11, 2007
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Goldcorp Q1 earnings increase 32% to US$124.9M as sales double to $418.9M
VANCOUVER (CP) - Goldcorp Inc. (TSX:G) has reported a 32 per cent rise in first-quarter profit as revenue rose 77 per cent over a year ago thanks largely to last November's acquisition of Glamis Gold.
Goldcorp, which reports in U.S. dollars, said January-March revenue was $505.6 million, up from $286.3 million a year earlier but off from $513.3 million in the final three months of 2006.
Production was 558,000 ounces, up from 295,100 a year earlier. Total cash costs were $181 per ounce, up from minus $88 an ounce a year ago including copper and silver byproducts.
Net income of $124.9 million or 18 cents per share, compared with $92.4 million or 27 cents per share in the first quarter of 2006.
"Solid mine performance in the first quarter has laid the groundwork for a good year," stated CEO Kevin McArthur.
"Our cornerstone Red Lake mine in Canada is off to a strong start, and production at Marlin mine in Guatemala continues to gain momentum. Another cornerstone asset, the Penasquito project in Mexico, remains on track."
McArthur added that Goldcorp's production is scheduled to ramp up through 2007, totalling 2.5 million ounces for the year, "and we continue to expect our total cash cost to be approximately $150 per gold ounce."
AI
