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Financial Times: Dollar scare reveals fragile support
Placer Dome Profits Drop on Sluggish Sales
From Reuters
Wednesday, February 23, 2005
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?
duid=mtfh64546_2005-02-24_01-22-23_n23653558_newsml
NEW YORK -- Placer Dome Inc. said on Wednesday quarterly profit fell
due to sluggish sales.
The world's fifth-biggest gold producer posted earnings of $39
million, or 9 cents a share, in the fourth quarter, compared with
$81 million, or 20 cents a share, a year earlier.
Analysts expected the company to earn 11 cents a share, according to
Reuters Estimates.
Placer Dome, based in Vancouver, British Columbia, had revenue of
$460 million in the fourth quarter from its 17 mines in seven
countries, compared with $492 million a year earlier.
The company produced 927,000 ounces of gold in the quarter, down
from the 1.04 million ounces in the same period in 2003.
The miner received $398 for each ounce of gold that it sold in the
fourth quarter, while it cost $330 to produce each ounce.
Placer Dome said it reduced its hedge book, contracts under which it
has sold gold, by 1.5 million ounces in the final quarter of 2004.
This left it with 9.0 million ounces of metal pre-sold at fixed
prices.
The company said it expected to cut its hedge book to 7.5 million
ounces by the end of 2005. It forecast 3.7 million ounces of gold
production in 2005, and 410 million to 420 million pounds of copper
production.
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