Company News

UPDATE 1-Goldcorp 3rd-qtr profit soars 88 pct on income tax gain

(Adds details on income tax gain)

Oct 25 (Reuters) - Canadian gold producer Goldcorp Inc reported an 88 percent rise in quarterly profit on Wednesday, helped by an increase in the company’s income tax recovery and higher earnings from its Peñasquito mine in Mexico.

The company produced 633,000 ounces of gold in the third quarter, down from 715,000 ounces it produced, a year earlier.

All-in sustaining costs to produce an ounce of gold in the quarter was $827, compared to $812 a year ago.

Goldcorp’s net earnings rose to $111 million, or 13 cents per share, in the quarter ended Sept. 30, from $59 million, or 7 cents per share, a year earlier.

The miner had an income tax gain of $19 million in the reported quarter, compared with an expense of $30 million, last year.

The company reaffirmed its gold production outlook for 2017 at 2.5 million ounces. (Reporting by Taenaz Shakir in Bengaluru; Editing by Shounak Dasgupta)