October 26, 2010 / 11:18 PM / in 8 years

UPDATE 1-Teck operating profit lifted by commodity prices

* Q3 revenue up 18 pct to C$2.52 bln

TORONTO, Oct 26 (Reuters) - Diversified Canadian miner Teck Resources TCKb.TO said on Tuesday its third-quarter operating profit rose sharply, driven largely by a jump in both coal and base metal prices.

The Vancouver-based miner, which produces coal, copper and zinc, said that its primary end-markets have strengthened in the current quarter and are moderately improved compared to the same time last year.

Teck — which operates a string of coal mines in Canada, a number of copper mines in South America and the world’s largest zinc mine in Alaska — said its operating profit rose to C$1 billion for the quarter ended Sept. 30, up from C$694 million, a year earlier.

Excluding foreign-exchange adjustments, debt refinancing costs and other items, the company reported adjusted earnings of C$467 million, or 79 Canadian cents a share, up from a profit of C$337 million, or 59 Canadian cents a share, a year earlier.

However, the company’s quarterly net income fell sharply, as its earnings were hit by a C$340 million debt refinancing charge in the latest quarter, while its year-ago results included a C$311 million foreign exchange gain that was related to its U.S. dollar-denominated debt.

Net income fell to C$331 million, or 56 Canadian cents a share, down from C$609 million, or C$1.06 a share, in the year-ago period.

Teck said quarterly revenue rose 18 percent to C$2.52 billion, on the back of higher commodity prices. ($1= $1.02 Canadian) (Reporting by Euan Rocha)

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