Vancouver's Goldcorp Inc. (TSX:G; NYSE:GG) has reported a 12.6% increase in quarterly profit thanks to higher revenue from increased gold sales in the period ending September 30.
Third-quarter profit rose to US$70.3 million from US$62.4 million after gold sales increased 29% to 537,000 ounces. Revenue was US$524 million compared with US$404.3 million in the same period a year ago
Goldcorp also reported a 28% increase in gold production to 556,200 ounces, with an average cash production cost of US$140 per ounce.
The company reaffirmed its gold production projections of between 2.2 million and 2.3 million ounces for the year with an average per-ounce cost of US$150.
The company is forecasting a strong 2008 with the planned completion of its Red Lake expansion and its acquisition in late September of Kinross Gold's 49% share in the Porcupine gold mine and its 32% share in Ontario's Musselwhite gold mine.
Goldcorp's share price range during the past week: between $33.30 and $34.15; 52-week high: $35.89; 52-week low: $22.40.