Goldcorp reports bigger loss on writedown, weaker prices

Thu Oct 29, 2015 8:20am EDT
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TORONTO Oct 29 (Reuters) - Goldcorp Inc , the world's biggest gold miner by market value, reported a bigger third-quarter loss on Thursday, as an inventory writedown and declining bullion prices offset a 42 percent increase in production.

The Vancouver-based miner said its net loss widened to $192 million, or 23 cents a share, from $44 million, or 5 cents a share, in the same period last year.

The adjusted loss was $37 million, or 4 cents a share, compared with an adjusted profit of $70 million, or 9 cents a share. The adjusted loss included a reduction in the carrying values of inventory stockpiles of $40 million, or 5 cents a share.

Analysts, on average, expected Goldcorp to earn an adjusted profit of 4 cents a share, according to Thomson Reuters I/B/E/S. (Reporting by Susan Taylor; Editing by Jeffrey Benkoe)