Vancouver's Goldcorp Inc. (TSX:G; NYSE:GG) has reported a 42% increase in revenue and a 288% rise in fourth-quarter profit for the period ending December 31, 2007.
Quarterly revenue rose to $679.8 million compared with US$477.8 million in 2006's fourth quarter.
A 9% increase in gold production and high gold prices due to a depressed U.S. dollar contributed to Goldcorp's record fourth-quarter results. Net profit for the period rose to US$256.5 million compared with a net profit of US$66 million in the same period a year earlier.
For the year, the company reported annual revenue of US$2.2 billion, a 33% increase over 2006's US$1.6 billion.
Despite realizing foreign exchange and derivative losses, the company reported higher net earnings for the year. They rose to US$460.1 million from US$408.3 million in 2006.
Goldcorp's share price range during the past week: between $36.23 and $39.52; 52-week high: $40.61; 52-week low: $22.40.