October 23, 2008 / 4:42 AM / 9 years ago

UPDATE 1-Teck Cominco Q3 profit falls 13 pct

* Q3 net from cont ops C$0.97/shr vs C$1.13/ shr consenus est

* Coal sales up 171 pct (Adds details)

Oct 23 (Reuters) - Teck Cominco TCKb.TO reported a lower-than-expected 13 percent fall in third-quarter net profit, hit by a decline in commodity prices though coal revenue rose.

The Canadian diversified miner, which is in the process of completing a $13 billion takeover of Fording Canadian Coal Trust, earned C$424 million, or C$0.95 a share in the quarter.

That was down from C$490 million, or C$1.15 a share, a year ago.

Excluding a loss related to discontinued operations, Teck earned C$432 million or C$0.97 per share. Quarterly revenue fell 7 percent to C$1.8 billion.

Analysts on average had expected a profit of C$1.13 a share, before special items, on revenue of C$1.8 billion, according to Reuters Estimates.

Coal sales increased 171 percent to C$600 million, while copper sales fell 16 percent to C$522 million and zinc sales declined 41 percent to C$618 million.

The Fording acquisition will give Teck full control of the Elk Valley Coal Partnership, one of the world’s top producers of coal used in the steelmaking process. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Anshuman Daga)

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