Goldcorp Inc., the world's second-largest producer of the metal by market value, said profit quadrupled on higher metal prices. The company doubled its annual dividend to 36 cents. Net income rose to $466.5 million, or 63 cents a share, from $114.2 million, or 16 cents, a year earlier, Vancouver-based Goldcorp said.
The company said profit excluding gains from the sale of mining interests and including the impact of foreign-exchange losses on future tax liabilities was 31 cents. That matched the average estimate of 19 analysts surveyed by Bloomberg. Sales climbed 28 per cent to $885.8 million from $691.9 million.
Goldcorp, led by chief executive Chuck Jeannes, agreed last month to buy Perth-based Andean Resources Ltd. for $3.6 billion to gain control of an Argentine mine.
Jeannes plans to boost gold output 58 per cent by 2014 with new mines and expansions.
