Goldcorp Posts Fourth-Quarter Loss After $2.3 Billion Writedown
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Goldcorp Inc., the largest gold producer by market value, reported a fourth-quarter loss after taking a $2.3 billion writedown in its mine in Argentina.
The net loss widened to $2.4 billion, or $2.94 a share, from $1.09 billion, or $1.34, a year earlier, Vancouver-based Goldcorp said Thursday in a statement. Excluding the writedown and other one-time items, earnings were 7 cents a share, trailing the 12-cent average of 22 estimates compiled by Bloomberg. Sales dropped to $835 million from $956 million, missing the $1.01 billion average estimate.