Wheaton Precious Metals Corp. said March 21 that it swung to a net loss of US$137.7 million, or 31 cents per share, in the fourth quarter of 2017, from a profit of US$10.9 million, or 2 cents per share, in the previous year.
Revenue during the three-month period ended Dec. 31, 2017, inched down 6.2% to US$242.5 million.
For full-year 2017, the company's net profit plummeted 70.4% to US$57.7 million, or 13 cents per share, from US$195 million, or 45 cents per share, in 2016, as revenue fell 5.4% to US$843.2 million.
Gold production in the fourth quarter dropped 13.6% to 96,474 ounces, while silver production declined 5.0% to 7.2 million ounces. Sales volume in the three months was 94,295 ounces of gold and 7.3 million ounces of silver, representing a decrease of 13.4% and 2.9%, respectively.
During the full year, gold and silver production fell 3.1% and 5.7% to 355,104 ounces and 28.6 million ounces, respectively, but exceeded its production guidance of 340,000 ounces of gold and 28 million ounces of silver.
Gold sales volumes in 2017 increased 2.2% to 337,205 ounces, while silver sales fell 13% to 24.6 million ounces.
For 2018, the company forecasts attributable production of approximately 22.5 million ounces of silver and 355,000 ounces of gold. Average annual production over the next five years, on the other hand, is projected at about 25 million ounces of silver and 370,000 ounces of gold.
Wheaton declared a dividend of 9 cents per share in the first quarter of the year.