Teck Resources adjusted earnings fall on low commodity prices
Oct 25 (Reuters) – Diversified Canadian miner Teck Resources Ltd. reported a near 23 percent drop in third-quarter adjusted earnings on Thursday, as prices for the company’s main products fell in the quarter.
Teck, the world’s second-biggest exporter of steel-making coal, said adjusted profit fell to C$466 million ($357.6 million), or C0.81 per share, during July-September, from C$605 million, or C$1.05 per share, a year earlier.
Lower base metals prices, negative pricing adjustments, lower steel-making coal sales volumes and reduced volumes from the company’s Trail operations that were impacted by wild fires, brought down the adjusted earnings, Teck Resources said.
Revenue rose 4.4 percent to C$3.21 billion from C$3.08 billion, the company said. ($1 = 1.3031 Canadian dollars)
(Reporting by Susan Taylor and Kanishka Singh; Editing by Gopakumar Warrier)