TORONTO (miningweekly.com) – Vancouver-based Goldcorp on Thursday reported a quarterly loss of $1.1-billion, or $1.34 a share, as impairment charges, deferred tax charges and other special items impacted on the company’s financial performance.

This compared with a profit of $504-million, or $0.47 a share, in 2012, when higher gold prices boosted the TSX- and NYSE-listed company’s finances.

For the three months ended December 31, Goldcorp reported an adjusted profit of $74-million, or $0.09 a share, down from $465-million, or $0.57 a share, a year earlier. However, this was below the average analyst expectation of adjusted earnings of $0.22 a share on revenue of $1.11-billion.

Revenues dropped 16% in the quarter to $1.2-billion, compared with $1.43-billion a year earlier.

Gold output rose 10% to a record 768 900 oz and gold sales climbed 12% to 725 700 oz. The improved sales, however, were offset by a 26% lower realised price of $1 254/oz.

For the fourth quarter, all-in sustaining cash costs were $810/oz, 11% lower than the $915/oz reported in the same period a year earlier.

In 2014, the company expects a 13% to 18% increase in gold output to between 3-million and 3.15-million ounces in 2014. All-in sustaining costs are expected to decrease to between $950/oz and $1 000/oz of gold.

Goldcorp also announced a cut to its compliant gold reserves as a result of the lower gold price environment.

The company followed Barrick Gold and Kinross Gold and cut proven and probable reserves by 15% to 54-million ounces, driven by depletion from mining during the year, the using of a lower gold price assumption of $1 300/oz in calculating reserves and a focus on high-margin gold production in a lower metals price environment.

The proven and probable silver reserves totalled 818-million ounces, representing one of the largest silver reserves in the industry.

Capital expenditures for 2014 were expected to range between $2.3-billion and $2.5-billion, of which about 60% was allocated to growth projects and 40% for sustaining capital at existing operations. Goldcorp was nearing completion at three gold projects this year, including first gold production expected from Cerro Negro, in Argentina, by midyear; from Éléonore, in James Bay, Canada, by the fourth quarter; and Cochenour, in Ontario, also by the fourth quarter.

The company last month said it aimed to lift gold output by about 50% over the next two years to about four-million ounces as the new projects came on line.

Goldcorp late last month announced that it had obtained Canadian antitrust clearance for its C$2.6-billion hostile takeover bid for Quebec-based miner Osisko Mining, in an attempt to take control of Osisko’s large Canadian Malartic mine.

However, the bid is currently on hold owing to litigation, in which time Osisko would look to find an alternative to Goldcorp’s offer.

On Thursday, Osisko sent its shareholders a letter urging them not to accept Goldcorp’s offer.

Goldcorp’s NYSE-listed stock rose by as much as $0.86 in early morning trade, but at noon traded up 2.38% at $26.62 apiece.