Kinross Gold Takes $2.29 Billion Writedown and Cancels Dividend
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Kinross Gold Corp., Canada’s third-largest producer by revenue, took a $2.29 billion writedown on assets and goodwill and suspended dividend payments after gold prices fell.
The company had a second-quarter net loss of $3.2 billion, or $2.81 a share, compared with net income of $153.6 million, or 13 cents, a year earlier, Toronto-based Kinross said yesterday in a statement. Profit excluding impairments and other one-time items was 10 cents a share, beating the 6-cent average of 18 analysts’ estimates compiled by Bloomberg. Sales fell to $968 million from $1.01 billion a year earlier.