>>>>>Newmont Mining, world's biggest gold producer, doubles profit to US$153.1M ( ) NEM
DENVER, Feb 04, 2004 (The Canadian Press via COMTEX) -- Fourth-quarter profit at Newmont Mining Corp., the world's largest producer of gold, more than doubled as it benefited from higher gold prices and a tax gain.
In a release Wednesday, Newmont said its profit rose to $153.1 million US, or 36 cents a share, from $75.1 million, or 19 cents a share, a year earlier. The results included various charges totalling $58 million and a $72-million tax benefit from the release of valuation allowances. These items boosted earnings by a total of $14 million, or three cents a share.
Newmont's results before items topped a Thomson First Call analyst estimate for earnings of 31 cents a share.
Revenue rose to $821.4 million from $798.7 million.
Newmont's fourth-quarter gold sales fell to 1.7 million equity ounces from 2.2 million a year earlier, largely due to lower sales in Nevada and Australia. However, the company said fourth-quarter gold prices averaged $394 an ounce, up 21 per cent from $325 million a year earlier.
For all of 2003 year, earnings tripled to $475.7 million from $154.3 million as revenue rose to $3.21 billion from $2.66 billion.
The company ended the year with gold reserves of 91.3 million ounces, a company record.
Newmont expects 2004 equity gold sales between seven million and 7.2 million ounces, lower than the 7.4 million ounces sold in 2003.<<<<<
Should boost the whole sector, since Newmont is the biggest and most watched!