Vancouver-based Goldcorp reports $1.9 billion loss

Goldcorp Inc. is reporting a $1.93 billion US net loss in the second quarter, which it says resulted from the writedown of a major Mexican operation.

The Vancouver-based mining company says it would have been profitable in the second quarter without the writedown of the Mexican operation, Penasquito.

However, Goldcorp's adjusted earnings for the second quarter were about half what they were last year, dropping to $117 million US from $332 million.

On a per-share basis, the adjusted profit fell even more — to 14 cents US from 41 cents in the second quarter of 2012.

Analysts had been expecting Goldcorp to report 21 cents per share of adjusted earnings, according to estimates compiled by Thomson Reuters.

The adjusted earnings typically exclude writedowns that are part of net earnings.

Last year, Goldcorp — one of Canada's largest gold companies — had $268 million US of net earnings in the second quarter.

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