Diversified mining and metallurgical company Teck Resources Ltd. (TCK,TCK_A.TO,TCK_B.TO), Monday reported a profit for the fourth quarter over a net loss last year, helped by significantly higher metal prices and positive pricing adjustments, as well as the absence of hefty asset impairment charges recorded last year.
The Vancouver, Canada-based company posted net earnings of C$411 million or C$0.70 per share for the fourth quarter, compared to a loss of C$607 million or C$1.28 loss per share in the prior year quarter.
Result for the quarter included positive after-tax pricing adjustments of C$58 million, and an after-tax gain of C$134 million from the sale of the company's interest in the Morelos gold project in Mexico. The loss in 2008 included asset impairment charges of C$844 million and negative pricing adjustments of C$270 million on an after-tax basis.
Excluding items, adjusted net earnings grew to C$312 million from C$130 million in the year-ago quarter, as a result of higher base metal prices offset by significantly lower coal prices and the effects of a stronger Canadian dollar.
Fourth quarter revenues from operations increased to C$2.2 billion from C$1.6 billion in the same quarter last year.
Don Lindsay, President and CEO said, "Our record revenues this year reflected strong performance across the company, including record production of copper at Quebrada Blanca and zinc at both Red Dog and Antamina."
Revenues from copper jumped to C$664 million from C$145 million, while revenues from zinc soared to C$693 million from C$392 million a year earlier, due to significantly higher prices and positive pricing adjustments.
However, coal revenues for the fourth quarter plunged to C$810 million from C$1.06 billion in the previous year quarter, due to significantly lower realized coal prices partially offset by higher coal sales volumes and the company's increased ownership in Teck Coal.
Average copper price soared 68% during the quarter, and Zinc price jumped 85% over last year. However, average coal price dropped 44% year-over-year.
Operating expenses for the fourth quarter eased to C$1.13 billion from C$1.25 billion in the prior year quarter.
Teck Resources noted that its non-core asset sales program, which includes the sale of its gold business, is nearly complete. The assets sold account for less than 5% of the company's total assets, from which the company received cash proceeds of US$370 million.
For the year full 2009, Teck Resources reported net earnings of C$1.8 billion or C$3.42 per share, compared to C$659 million or C$1.45 per share in the previous year. Adjusted net earnings fell to C$1.1 billion from C$1.3 billion in the prior year.
Annual revenues increased to C$7.67 billion from C$6.66 billion in the year-ago.
TCK closed Monday's regular trading session at US$32.01, up 5 cents on a volume of 8.64 million shares. In the after-hours, the shares lost 16 cents.
TCK_A.TO ended Monday's regular trading session at C$35.70, up C$1.20 or 3.48%. TCK_B.TO finished Monday's regular trading session at C$34.50, up 30 cents.
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