Teck reports $760M profit

Photo: Teck-Cominco

Teck Resources Ltd. reported a fourth-quarter profit of $760 million, boosted by the reversal of an impairment charge related to an improvement in the outlook for steelmaking coal prices.

The miner says the profit amounted to $1.32 per share for the three months ended Dec. 31 compared with a profit of $697 million or $1.21 per share a year earlier.

Revenue totalled nearly $3.21 billion, down from nearly $3.56 billion.

On an adjusted basis, Teck says it earned a profit of $700 million or $1.21 per share for the quarter, down from a profit of $930 million or $1.61 per share in the last three months of 2016.

The company says the decrease in its adjusted profit was due primarily to lower prices and sales volumes in its steelmaking coal business compared with a year ago.

For its full year, Teck says it earned $2.51 billion or $4.34 per share on $12 billion in revenue. That compared with a profit of $1.04 billion or $1.80 per share on $9.3 billion in revenue in 2016.