Sherritt International (S.TO: Quote) reported a fourth-quarter loss on Wednesday on a big impairment charge for its Ambatovy nickel joint venture in Madagascar and sharp declines in nickel, cobalt and oil markets.
The Canadian miner and energy producer said it lost C$592 million ($473.6 million), or C$2.03 a share, in the quarter, compared with a profit of C$83.5 million, or 36 Canadian cents a share, a year earlier.
The latest results include after-tax charges totaling C$571 million, or C$1.96 per share, with C$463 million related to Ambatovy, which is now under review.
Excluding the charges, Sherritt said it lost C$20.8 million, or 7 Canadian cents a share. Analysts polled by Thomson Reuters had expected, on average, a profit of 9 Canadian cents a share before exceptional items.
Quarterly revenue rose 17 percent to C$379 million. ($1=$1.25 Canadian) (Reporting by Susan Taylor; editing by John Wallace)
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