Teck Resources reports lower Q4 profit amid lower prices for copper, zinc, oil

By Abbey Westbury
February 13 2019 06:14 AM

CP581457415 — Teck Mining Company\'s zinc and lead smelting and refining complex is pictured in Trail, B.C., on Monday November 26, 2012. Teck Resources reports that it had 33 million of net income attributable to its shareholders in last year\'s fourth quarter, a 41.5 per cent decline from the year earlier that was mainly due to lower prices for most of its commodities.THE CANADIAN PRESS/Darryl Dyck

VANCOUVER – Teck Resources Ltd. saw its fourth-quarter profit drop 41.5 per cent from the year earlier, amid lower prices for copper, zinc and oil.

The profit attributable to shareholders amounted to $433 million or 75 cents per diluted share, down from a profit of $748 million or $1.26 per diluted share in the fourth quarter of 2017.

Teck’s adjusted profit attributable to shareholders was $500 million or 86 cents per diluted share, down from $680 million or $1.16 per diluted share.

Revenue for the three months ended Dec. 31 was $3.25 billion, up from a $3.16 billion in the 2017 fourth quarter, as lower base metal prices were offset by higher prices for steelmaking coal and new contributions from oilsands production.

Steelmaking coal accounted for $1.674 billion of Teck’s revenue, up from a year earlier. Copper and zinc revenue fell to $633 million and $820 million respectively. Oil contributed $120 million of revenue, compared with none a year before.

Companies in this story: (TSX:TECK.B, TSX:TECK.A)

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