Teck Resources cuts dividend by two-thirds on lower prices

Tue Apr 21, 2015 5:14am EDT
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April 21 (Reuters) - Canadian diversified miner Teck Resources Ltd cut its twice-yearly dividend by two-thirds as prices for both steel-making coal and copper remain depressed amid declining demand.

The miner cut its twice-yearly dividend to 15 Canadian cents per share from 45 Canadian cents.

Net profit attributable to shareholders fell slightly to C$68 million ($55.5 million), or 12 Canadian cents per share, for the first quarter ending March from C$69 million a year earlier.

Revenue at Vancouver-based Teck, the world's second-largest exporter of seaborne steel-making coal, fell nearly 3 percent to C$2.02 billion. ($1 = 1.2243 Canadian dollars) (Reporting by Nicole Mordant in Vancouver and Anannya Pramanick in Bengaluru; Editing by Gopakumar Warrier)