February 19, 2009 / 2:07 PM / in 9 years

UPDATE 1-Goldcorp profit leaps on forex tax gain

* Profit soars on non-cash tax gain

* Revenue slips 10 pct on silver, copper prices

(In U.S. dollars, unless noted)

TORONTO, Feb 19 (Reuters) - Goldcorp (G.TO) said on Thursday its fourth-quarter profit more than tripled, as the company recorded a massive non-cash foreign exchange gain on the revaluation of future income tax liabilities.

Canada’s No. 2 gold producer earned $958.1 million, or $1.31 a share, in the quarter ended Dec. 31. That was up from $256.6 million, or 36 cents a share, in the year-before period.

Stripping out the gain, the company earned $85.4 million or 12 cents a share. That beat the expected profit of 11 cents a share, as polled by Thomson Reuters.

Quarterly revenue fell 10 percent to $609 million, as an 11 percent increase in gold production was more than offset by lower prices for silver and copper, which the company produces as byproduct.

The Vancouver, British Columbia-based company has mines in Canada and throughout Latin America, and is developing the Pensaquito property in Mexico and has a share of the Pueblo Viejo joint venture in the Dominican Republic. (Reporting by Cameron French, editing by Dave Zimmerman)

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