Teck profit falls 68.5 pct as prices for steelmaking coal drop

Wed Oct 29, 2014 5:16am EDT
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Oct 29 (Reuters) - Canadian diversified miner Teck Resources Ltd reported a 68.5 percent drop in quarterly earnings on Wednesday, hurt by lower prices for steelmaking coal.

Net profit attributable to shareholders fell to C$84 million ($75.26 million), or 14 Canadian cents per share, in the third quarter ended Sept. 30 from C$267 million, or 46 Canadian cents per share, a year earlier.

Vancouver-based Teck, the world's second-largest exporter of seaborne steel-making coal, said it took a non-cash tax charge of $64 million associated with the introduction of new tax legislation in Chile.

Revenue fell 10.9 percent to C$2.25 billion. ($1 dollar = 1.1162 Canadian dollars) (Reporting by Nicole Mordant in Vancouver and Anannya Pramanick in Bangalore)