Teck Resources Limited (TCK,TCK_A.TO,TCK_B.TO) reported that its first-quarter profit attributable to shareholders rose to C$319 million, or C$0.55 per share, from C$258 million or C$0.44 per share in the same period last year. Profit last year was affected by a C$329 million after-tax charge related to the refinancing of a portion of our debt.
Adjusted profit,was C$328 million, or C$0.56 per share, in the first quarter of 2013 compared with C$544 million, or C$0.93 per share, in the same period a year ago. The lower adjusted profit was primarily due to substantially lower coal prices, despite stronger sales volumes compared with the same period a year ago. In addition, the year-over-year change in pricing adjustments negatively affected our after-tax profit by C$70 million, as significant positive price adjustments were recognized in 2012 as a result of rising metal prices.
Revenues from operations were C$2.3 billion in the first quarter compared with C$2.5 billion a year ago. Revenues from copper business unit decreased by C$69 million compared with a year ago due to lower copper prices and lower contributions from by-products. Coal revenues decreased by C$138 million compared with the first quarter of 2012 as a result of significantly lower coal prices, despite sales volumes increasing by 1.3 million tonnes.
Analysts polled by Thomson Reuters expected the company to report earnings of C$0.37 per share on revenues of C$2.22 billion for the quarter. Analysts' estimates typically exclude special items.
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