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Company News

Teck Resources adjusted profit plummets 84% as lockdowns hit output

April 21 (Reuters) - Canadian miner Teck Resources Ltd reported an 84% plunge in first-quarter adjusted profit on Tuesday, as production of steel-making coal was hit by coronavirus-led lockdowns.

Adjusted profit attributable to shareholders fell to C$94 million ($66.4 million), or 17 Canadian cents per share, in the three months ended March 31, from C$587 million, or C$1.02 per share, a year earlier.

Steelmaking coal production tumbled 19.7% to 4.9 million tonnes, while copper was down 1.4%.

$1 = 1.4155 Canadian dollars Reporting by Aakriti Bhalla in Bengaluru; Editing by Sriraj Kalluvila

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