July 25, 2012 / 10:39 AM / 5 years ago

Teck profit falls on lower coal price

1 Min Read

(Reuters) - Teck Resources Inc TCKb.TO, Canada's largest diversified miner, reported a 65 percent drop in second-quarter profit attributable to shareholders on lower coal and metal prices.

Profit fell to C$268 million, or 46 Canadian cents per share, from C$756 million, or C$1.28 per share, in the year-earlier period.

Adjusted profit fell 53 percent to C$312 million, or 53 Canadian cents per share.

Revenue fell 7 percent to C$2.6 billion.

Analysts on average had expected a profit of 64 Canadian cents per share on revenue of C$2.47 billion, according to Thomson Reuters I/B/E/S.

Copper sales fell 2 percent to C$731 million due to a decline in copper prices.

Coal sales dropped 7 percent on lower prices. The company also said zinc volumes slipped due to seasonal fluctuations at the Red Dog mine in Alaska.

Teck had previously said there would be a one-time after-tax charge of C$34 million as a result of a new collective agreement at its Trail facility in British Columbia.

Reporting by Julie Gordon, Adithya Venkatesan and Ankur Banerjee; Editing by Jane Merriman, Supriya Kurane

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below