Falconbridge Ltd. has announced reported 2005 net income of $872 million, making it one of the most profitable years for a company undergoing massive change.
The basic earnings result is per share profit of $2.52 and diluted earnings per share of $2.50. All reported figures are in American dollars.
The fantastic financial success comes in the same year Noranda Inc. complete a major takeover of the nickel giant, which was followed by the friendly takeover bid from Inco Ltd., which is scheduled to be completed in the next few weeks, pending regulatory approvals in Europe and the United States.
"Falconbridge took advantage of the strong fundamentals of our business in 2005," said Derek Pannell, chief executive officer of Falconbridge, in a news release. "Higher prices for all of our metals, along with strong operational performance, resulted in outstanding financial results.
"We also created value for our shareholders with the amalgamation of Noranda and Falconbridge, followed by the proposed friendly takeover of the combined company by Inco."
"Heading into 2006, metals prices continue to climb, operations continue to perform and we are due to come together with Inco in the first half of the year, creating a premier global nickel and copper mining and metals company," said Pannell.
Total revenues for Falconbridge increased to $8.1 billion during 2005, a 19 percent increase over the $6.8 billion in revenue generated in 2004, due to stronger metals prices and higher copper and nickel sales volumes.
