Teck Resources Ltd. (TCK_A.TO,TCK: Quote,TCK.B.TO: Quote) said its first-quarter profit attributable to shareholders as reported was C$218 million, down from C$461 million last year.
Adjusted profit rose to C$504 million from C$450 million in the prior-year quarter.
Adjusted earnings per share rose to C$0.86 from C$0.76 in the same quarter last year.
Revenues for the quarter were C$2.5 billion.
Coal production increased to 6.3 million tonnes in the quarter, up 43% from the year-ago quarter. This was the result of the successful execution of the company's ongoing expansion program. In addition, coal production in the first quarter of 2011 was negatively impacted by unusual weather- related events and a strike at the company's Elkview mine.
"Our strong first quarter results demonstrate continued solid operating performance and the successful execution of our ongoing expansion programs, particularly in coal. Gross profit was similar to the first quarter of 2011, but cash flow from operations was up 14%. Our near-term copper growth projects are on track and, with the acquisition of SilverBirch, we increased our contingent bitumen resources by 67% to 3.5 billion barrels. With a strong balance sheet and strong cash flow, we are well positioned to successfully pursue our longer term growth plans," said Don Lindsay, President and CEO.
by RTT Staff Writer
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