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IAN MCGUGAN – As stock markets around the world have swooned, the shares of Canadian gold producers have headed steadily upward.
The strength of that move will be tested this week as major producers begin to unveil financial results.
Kinross Gold Corp. kicked things off on Wednesday, reporting a loss of $841.9-million (U.S.) or 73 cents a share, for the fourth quarter. That compared with a loss of $1.47-billion or $1.29 in the same quarter a year earlier.
The loss included a non-cash impairment charge of $430.2-million related to property, plant and equipment, and a writedown of inventory and other assets of $235-million. The Toronto company said its adjusted net loss – an in-house measure of profitability – came in at 6 cents a share, which was worse than analysts’ expectations of a 4-cents-a-share loss.
Also reporting Wednesday was Agnico Eagle Mines Ltd. The Toronto miner said it lost $15.5-million or 7 cents a share in the fourth quarter. A year earlier, it lost $21.3-million or 10 cents.
The more recent loss included various charges for foreign currency translation, mark-to-market adjustments and other items. Excluding those charges, the company would have reported adjusted net income of 2 cents a share for the quarter, above analysts’ expectations for a 1-cent-a-share loss.
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