Dam sale boosts Q3 profit for Teck Resources, but lower commodity prices sting

Revenue totalled $3.2 billion, up from $3.1 billion

Teck Resources Ltd. reported a profit of $1.3 billion in its third quarter, boosted by the sale of the Waneta Dam.

The miner says the profit amounted to $2.23 per share for the three months ended Sept. 30, compared with $584 million or $1.01 per share a year ago.

Revenue totalled $3.2 billion, up from $3.1 billion.

READ MORE: Teck Resources sees big surge in Q1 profit, sales but falls short of estimates

On an adjusted basis, Teck says it earned 81 cents per share for the quarter, compared with $1.05 per share in the third quarter of last year.

Thomson Reuters Eikon says analysts on average had expected a profit of 94 cents per share.

Teck chief executive Don Lindsay says the company’s operations continued to perform well, but noted it was hurt by lower commodity prices.

The company says steelmaking coal prices were up 10 per cent compared with a year ago, but copper and zinc prices fell by four per cent and 14 per cent respectively, compared with a year ago.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Schroder pitches Team Canada to win over Dominican

Greater Trail native leads Team Canada to opening game win at Pan Am women’s baseball tournament

Keep motorized vehicles off Trans-Canada Trail

Government considers allowing off-road vehicles on Trans Canada Trail

West Kootenay EcoSociety opens new office in downtown Trail

Located on Eldorado Street, the new site opened last week

Tell the Times

Web Poll: Based on a popular news story locally or beyond

Ambitious plan to expand Salmo came to naught

Place Names: Salmo and Slocan neighbourhoods

QUIZ: How much do you remember about Woodstock?

Weekend music festival in Bethel, New York, was held 50 years ago

Advocates ‘internationalize’ the fight to free Raif Badawi from Saudi prison

Raif Badawi was arrested on June 17, 2012, and was later sentenced to 1,000 lashes and 10 years in jail for his online criticism of Saudi clerics

RCMP, search crews hunt for 4-year-old boy missing near Mackenzie

George went missing early Saturday afternoon

Canadian entrepreneurs turning beer byproduct into bread, cookies and profits

Some breweries turn to entrepreneurs looking to turn spent grain into treats for people and their pets

Canada ‘disappointed’ terror suspect’s British citizenship revoked

Jack Letts, who was dubbed “Jihadi Jack” by the U.K. media, has been detained in a Kurdish prison for about two years

Chrystia Freeland condemns violence in Hong Kong, backs right to peaceful assembly

There have been months of protests in the semi-autonomous region

B.C. VIEWS: Log exports and my other errors so far in 2019

Plastic bags, legislature overspending turn out differently

Most Read