Net income surged to $418 million, or 48 cents a share, from $175 million, or 32 cents, a year earlier, the Toronto-based company said today in a statement. Sales gained 74 percent to $1.35 billion.
Barrick overtook Newmont Mining Corp. as the biggest gold producer with its $10 billion acquisition of Placer Dome Inc. in March, adding mines in Nevada, Australia and Tanzania. Chief Executive Officer Gregory Wilkins increased output by 48 percent in the quarter.
``Barrick gives you an exposure to the bullion,'' Benoit Brillon, who manages C$6 billion ($5.1 billion) including Barrick at Natcan Investment Management Inc. in Montreal, said before the earnings announcement. ``The cost structure is a bit better at Barrick'' than Newmont, he said.
Shares of Barrick rose 92 cents to C$37.25 yesterday in Toronto Stock Exchange trading. The have risen 13 percent in the past year, compared with a 23 percent rally in gold and a 17 percent decline in Denver-based Newmont.
Gold output in the fourth quarter rose to 2.44 million ounces from 1.65 million ounces, Barrick said.
