Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Teck Resources Q1 Reported Profit Down - Quick Facts

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.

Register
To receive FREE breaking news email alerts for Teck Resources Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Stocks may move to the downside in early trading on Thursday, adding to the modest losses posted in the previous session. The major index futures are currently pointing to a modestly lower open for the markets, with the Dow futures down by 30 points. Germany's unemployment declined unexpectedly in October, suggesting an improvement in the labor market conditions despite weak economic developments. The number of people out of work decreased by 22,000 to 2.887 million in October, data from the Federal Labor Agency revealed Thursday. Economists had forecast an increase of 4,000. Economic confidence in the eurozone picked up in October from a 10-month low, with broad based improvement across sectors, the results of a survey by the European Commission showed Thursday. The economic confidence index rose unexpectedly to 100.7 in October from 99.9 in the prior month. The score was expected to fall to 99.7.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.