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

Mudslide sends debris into Highway

Highway 33 near Joe Rich had mud spilled on the highway from the slide

Kangaroo Creek Farm hops into season

Lake Country’s popular tourist site has opened its doors for the season

Rain on the way for the Okanagan-Shuswap

Vernon’s dust warning is ongoing

Four people displaced by Taylor Road fire

The Kelowna Fire Department say no one was injured and the cause of the fire is not suspicious

Kelowna patios ready for spring

Check out some local patios that are coming out with the sun

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

Terror at sea: Helicopter rescues frightened cruise passengers in Norway

The Viking Sky cruise ship was carrying 1,300 passengers and crew when it experienced engine trouble

DOJ: Trump campaign did not co-ordinate with Russia in 2016

Attorney General William Barr said special counsel “does not exonerate” Trump of obstructing justice

Trudeau in Vancouver to support Tamara Taggart at Liberal nomination event

The former broadcaster is seeking the nomination for the Vancouver Kingsway riding

Penticton SAR team helicopters injured climber to safety

A 30-year-old woman suffered a suspected lower-limb fracture in Skaha Bluffs Provincial Park

Kootnekoff: R v. Sidhu, was he asleep?

Driver in Humboldt crash wasn’t distracted at time of collision with bus,… Continue reading

Trudeau calls May 6 byelection for B.C. riding of Nanaimo-Ladysmith

The riding opened up when Sheila Malcolmson resigned in January

B.C. VIEWS: The hijacking of our education system gathers speed

Children taught to strike and shout fringe far-left demands

Judges on Twitter? Ethical guidance for those on the bench under review

Canadian judges involvement in community life are among issues under review

Most Read