The net loss was $1.09 billion, or $1.34 a share, compared with net income of $504 million, or 47 cents, a year earlier, the Vancouver-based company said today in a statement. Excluding writedowns and other one-time items, profit was 9 cents a share, missing the 23-cent average of 19 estimates compiled by Bloomberg. Sales declined to $1.2 billion from $1.44 billion.
The company’s average cost to produce and sell gold, after profiting from the sales of silver and other metals, was $467 an ounce, compared with $360 per ounce a year earlier, and the $484 average of five estimates compiled by Bloomberg. Goldcorp said Jan. 8 it produced a record 767,700 ounces of gold in the fourth quarter.
Goldcorp has offered 0.146 of a Goldcorp share plus C$2.26 in cash for each Osisko share, as it seeks control of the Montreal-based producer’s Canadian Malartic gold mine in Quebec. Osisko rejected the offer as too low and filed a lawsuit in Quebec seeking to stop the bid. Goldcorp agreed last week not to acquire any Osisko shares through the bid process until there is a judgment in the case.
Gold averaged $1,273.43 an ounce on the Comex in New York in the fourth quarter, 26 percent less than a year earlier and 4.1 percent lower than the third quarter.
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