2/15/2012 6:09 PM ET
(RTTNews) - Kinross Gold Corp. (KGC: News ,K.TO: News ) reported that its fourth-quarter net loss widened to $2.78 billion, or $2.45 per share, from $72.9 million, or $0.06 per share in the year ago quarter.
The latest quarter results included a non-cash goodwill impairment charge of $2,937.6 million. The impairment charge was a result of changes in market conditions, including industry-wide increases in capital and operating costs, a decline in industry-wide valuations as at year-end, and the Company's growing understanding of the Tasiast project parameters, including its analysis of a draft mine plan.
Adjusted net earnings were $196.6 million, or $0.17 per share, up from $158.5 million, or $0.14 per share in the same quarter last year.
Revenue from metal sales was $949.3 million in the fourth quarter of 2011, versus $920.4 million during the same period in 2010, an increase of 3%, due to a higher average realized gold price.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share on revenues of $992.68 million for the quarter. Analysts' estimates typically exclude special items.
Kinross Gold also announced that the Board of Directors has declared a dividend of $0.08 per common share, a 33% increase from the previous dividend of $0.06 per common share paid on September 30, 2011.
The dividend is payable on March 31, 2012 to shareholders of record at the close of business on March 23, 2012.
As previously announced on January 16, 2012, Kinross said that it expects to produce approximately 2.6-2.8 million gold equivalent ounces in 2012. Production cost of sales per gold equivalent ounce is expected to be in the range of $670-715 for 2012.
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by RTT Staff Writer
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