本文发表在 rolia.net 枫下论坛(Adds details from conference call, analyst comment; in U.S. dollars unless noted)
By Cameron French
TORONTO, Aug 9 (Reuters) - Goldcorp Inc.'s (G.TO: Quote, Profile , Research) second-quarter profit fell to nearly nothing as a foreign exchange loss and "challenges" at three mines offset higher production from last year's acquisition of Glamis Gold, the company said on Thursday.
Fast-growing Goldcorp earned $2.9 million, or nil per share, in the period ended June 30. That was down from a profit of $190.4 million, or 49 cents a share, in the year-before period.
Production benefited from the 2006 acquisition, but the company incurred a $104.4 million non-cash hit due to the depreciation of the U.S. dollar, as well as other one-time charges.
Excluding those items, adjusted earnings were 14 cents per share, missing analysts' expectations of 19 cents a share, and also falling short of the company's own expectations, according to chief executive Kevin McArthur.
Speaking on a conference call with analysts and media, he said gold sales during the quarter were weaker than expected due to problems at delays in production Goldcorp's Los Filos mine in Mexico, and "grade issues" and San Dimas in Mexico and the Marigold mine in Nevada.
"Action has been taken to resolve issues, and the second half of the year should see improvement," he said.
The problems at the mines prompted Goldcorp to lower its 2007 gold production forecast to a range of 2.2 million to 2.3 million ounces, compared to previous predictions of 2.5 million ounces. Cash costs are seen under $150 per ounce.
SHARES DROP
The market took a dim view of the results, pushing the shares down by 86 Canadian cents, or 3.2 percent, to C$26.26 on the Toronto Stock Exchange late in the session, as analysts pointed to the one-time charges and higher operating costs.
Barry Allan, an analyst at Research Capital in Toronto, said Goldcorp has yet to show it has cleanly incorporated the assets acquired in last year's spending spree, when it paid nearly $10 billion for Glamis and some assets of Placer Dome.
Since then, Goldcorp has struggled to impress investors with its results, even as the additions have boosted production and improved its resource pipeline.
"Some of the mines merged in through the Glamis side are just underperforming for some reason, just not living up to expectations," Allan said.
"Certainly there's the expectation that they will get there, but we're talking second half ... and chances are even 2008 until we see those results."
Gold production rose 43 percent in the quarter to 539,500 ounces, while cash costs were $133 an ounce.
Operating cash flow fell to $142.7 million from $240.1 million, while revenue rose 15 percent to $567 million.
The company said capital spending for the year should be $750 million.
Goldcorp has operations in Canada, the United States, Mexico, Central America, Argentina, and Chile.
($1=$1.06 Canadian)更多精彩文章及讨论，请光临枫下论坛 rolia.net
