Teck profit falls on lower coal price
(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)
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