February 17, 2009 / 6:17 AM / 9 years ago

UPDATE 1-Teck Cominco posts Q4 net loss

* Q4 revenue C$2.1 bln before pricing adjustments (Adds details)

Feb 17 (Reuters) - Canadian miner Teck Cominco TCKb.TO posted a quarterly net loss on Monday, hurt in part by charges and decline in commodity prices. For the fourth quarter, net loss was C$607 million ($488.3 million), or C$1.28 per share, compared with a year-ago profit of C$280 million, or 64 Canadian cents per share.

Net loss from continuing operations was C$602 million, or C$1.27, compared with a profit of C$296 million, or 67 Canadian cents per share.

Earnings were hit by after-tax, non-cash asset and goodwill impairment charges of C$844 million and negative pricing adjustments of C$270 million brought about by the sharp decline in commodity prices, Teck Cominco said in a statement.

Analysts on average were expecting earnings of 21 Canadian cents per share, before special items, according to Reuters Estimates.

In the fourth quarter, credit markets deteriorated substantially, which led to a significant and rapid fall in the demand for and selling price of its products, Teck Cominco said.

Revenue in the quarter was C$2.1 billion before pricing adjustments compared with C$1.7 billion in the year-ago period.

Teck Cominco, which cut about 1,400 jobs, or 13 percent of its staff, said total debt payments in the fourth quarter amounted to C$1.1 billion. The company, which is a top copper and zinc producer and has holdings in the Alberta oil sands, took over Fording Canadian Coal Trust to get full control of the Elk Valley Coal Partnership, one of the world’s top producers of metallurgical coal. [ID:nN08524937] ($1=1.243 Canadian Dollar) (Reporting by Bhaswati Mukhopadhyay in Bangalore)

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