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Inco has record-breaking year

Inco Ltd. reported adjusted net earnings for 2005 were $836 million, or $4.41 per share ($3.75 per share on a diluted basis), compared with net earnings of $619 million for 2004. All dollar amounts are expressed in American currency.

Inco Ltd. reported adjusted net earnings for 2005 were $836 million, or $4.41 per share ($3.75 per share on a diluted basis), compared with net earnings of $619 million for 2004. All dollar amounts are expressed in American currency.

This is the largest year-end profits in Inco's long history.

In a written statement, Inco's president and CEO Scott Hand said there's little bad news when a company reports a record profit.

"The year 2005 was a very exciting one for Inco and our shareholders," he said. "We established new all-time records for total annual revenue...net earnings and our average annual realized price for nickel in 2005.

Inco's year-end report indicates adjusted net earnings of $169 million for the fourth quarter of 2005, compared with net earnings of $253 million for the fourth quarter of 2004.

But this fourth-quarter 2005 number includes the exclusion of a gain of $88 million on the sale of a non-core investment, exclusion of $13 million involving another property retained from a disposed business and exclusion of unfavourable non-cash currency adjustments totalling $11 million.

The company's net profit for the fourth quarter of 2005 using Canadian generally accepted accounting principles were $235 million, compared with net earnings of $226 million in the fourth quarter of 2004.

Hand said he expects even better results after a record-breaking year in 2005.

"While 2005 was a very good year for the company and our shareholders, with the promise and potential of the new Inco, we are convinced that even more exciting times lie ahead," said Hand.

The record profits for Inco come one week after Falconbridge Ltd. announced reported net income of $872 million for 2005.

"I look forward to reporting on the completion of the pending acquisition of Falconbridge and our performance for the first quarter of 2006."

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