January 23, 2020 / 1:26 PM / a month ago

CORRECTED-Freeport fourth-quarter profit falls on tax provision

(Corrects gold output in paragraph 5 to say 223,000 ounces, from 223 million ounces)

Jan 23 (Reuters) - Freeport-McMoRan, the world’s largest publicly traded copper producer, reported a drop in quarterly profit on Thursday, hit mainly by a tax provision and lower output from its Indonesian operations.

Net income attributable to shareholders fell to $9 million, or less than a cent per share, in the fourth quarter ended Dec.31, from $485 million, or 33 cents per share, a year earlier.

The current quarter included a provision for income taxes of $329 million, compared with a benefit of $552 million in the year-ago period.

Excluding items, the company earned 2 cents per share.

Copper production fell 1.7% to 827 million pounds and gold output fell 33.2% to 223,000 ounces. (Reporting by Arundhati Sarkar in Bengaluru)

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