UPDATE 2-Teck plays down M&A moves as profit hit by coal price

Tue Apr 23, 2013 12:50pm EDT
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* First-quarter adj EPS C$0.56 vs C$0.93 yr earlier

* Revenue falls 9 pct on lower coal, copper prices

* Quebrada Blanca copper expansion faces delay

* Shares down 1.9 percent at C$25.52 on TSX

* CEO says M&A speculation overblown (Recasts with comments from CEO and analysts, adds share price)

By Julie Gordon

TORONTO, April 23 (Reuters) - Teck Resources Ltd reported a sharp fall in quarterly adjusted profit on Tuesday as sagging prices for coal and copper hurt Canada's largest diversified miner, whose CEO played down any major takeover moves.

While the earnings in the first quarter were higher than market expectations, Teck's shares fell as much as 7 percent shortly after the market open as copper prices dropped to a fresh 18-month low. Some analysts voiced concerns over the delay of a major Teck development project and the impact of lower copper and coal prices on the company.

The stock cut its losses and was down 1.9 percent at C$25.52 on the Toronto Stock Exchange around midday.   Continued...