TORONTO – INCO LIMITED has released its fourth quarter and year-end numbers for 2005. With the prices of nickel and copper remaining strong, the company had Canadian GAAP net earnings of US$836.0 million on sales of US$4.5 billion for the year (compared with earnings of US$619.0 million on sales of US$4.3 billion in 2004). That translates on an undiluted basis to US$4.41/share in 2005, compared with US$3.30/share during the previous year.
Chairman and CEO Scott Hand said in releasing the figures, “We established new all-time records for total annual revenue, Canadian GAAP net earnings, and our average annual realized price for nickel in 2005. Without doubt the most exciting development in 2005 was the announcement of our friendly offer to acquire Falconbridge Limited. When completed, the combined company would be the world’s largest nickel company and a great copper company. With the nickel market expected to remain strong and our nickel production expected to reach a new record high in 2006, we believe that 2006 will be another very good year for earnings and cash flow.”
Inco projects 2006 production will be 256,000 tonnes of nickel, 154,000 tonnes of copper and 400,000 oz of PGEs. Check the website at www.Inco.com for detailed revenue and earnings information.