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The world’s second-largest gold producer returned to profitability in the fourth quarter as rising gold prices offset a drop in copper demand.
Although the results were in line with forecasts, chief executive Richard O’Brien told analysts Thursday that the company delayed some projects to conserve capital.
The Denver-based company said it earned $10 million, or 2 cents a share, a turnaround from a loss of $289 million a year earlier when it took a $1.12 billion goodwill write-down. Revenue slipped 5 percent to $1.34 billion.
Adjusted profit was $120 million, or 26 cents a share. Analysts surveyed by Thomson Reuters on average expected 25 cents a share and revenue of $1.42 billion.
