February 8, 2010 / 11:41 PM / 8 years ago

UPDATE 1-Teck Resources returns to quarterly profit

* Q4 EPS C$0.70 vs loss of C$1.28

* Analysts expected Q4 EPS of C$0.65

* Q4 revenue C$2.2 billion

VANCOUVER, Feb 8 (Reuters) - Teck Resources TCKb.TO said on Monday it posted a profit of C$411 million ($384 million) in the fourth quarter of 2009, rebounding from a year-before loss due mainly to stronger base metal prices.

Teck, Canada’s largest base metals miner, earned 70 Canadian cents a share in the quarter ended Dec. 31.

That compared with a loss of C$607 million, or C$1.28 a share in the fourth-quarter of 2008, when the company’s results were sideswiped by more than C$1 billion of writedowns and negative pricing adjustments.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 65 Canadian cents a share.

Fourth-quarter revenue rose to C$2.2 billion from C$1.6 billion on the back of higher copper and zinc prices.

Teck’s shares ended 30 Canadian cents firmer at C$34.50 on the Toronto Stock Exchange on Monday. The results were released after the market had closed.

In addition to being a major miner of zinc and copper, Teck also became a top producer of coal used in the steelmaking process when it acquired Fording Canadian Coal Trust in 2008.

Teck also holds a 20 percent stake in the Fort Hills oil sands project. Its partners on Fort hills are Suncor Energy (SU.TO) and UTS Energy UTS.TO.

$1=$1.07 Canadian Reporting by Nicole Mordant and Cameron French; editing by Rob Wilson

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