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

Who was Chris Bloomfield, the Mill Bay man shot by police?

A troubled man with a voracious appetite for illicit drugs and a non-conventional lifestyle

B.C. Legions in need of young members to continue aiding veterans into the future

Lest we forget what thousands of men and women did to fight for Canada’s freedoms – but without new membership, many Legion chapters face dwindling numbers

Vancouver Island brewery re-brands again after cryptic new logo failed

Victoria-based brewers said goodbye to confusing hexagon logo

Country music will be flowing with the beer at Riot Brewing Co.

It’s the perfect mix for an entertaining evening Friday

VIDEO: Marvel Comics’ Stan Lee dies

Marvel co-creator was well-known for making cameo appearances in superhero movies

Vancouver Island remembers

Important stories shared as Islanders salute those who made the greatest sacrifice

Who was Chris Bloomfield, the Mill Bay man shot by police?

A troubled man with a voracious appetite for illicit drugs and a non-conventional lifestyle

Calgarians head to the polls to declare ‘yea’ or ‘nay’ on Winter Games

The question “are you for or are you against hosting the 2026 Olympic and Paralympic Winter Games?” was to be posed to them Tuesday in a plebiscite to help determine whether the city should move ahead with a bid.

Heir’s big birthday: 70 candles lined up for Prince Charles

Prince Charles turns 70 Wednesday, Nov. 14, 2018, still serving in the heir to the throne role he has filled since he was a young child.

Trudeau lays down challenge to companies in bid to boost trade with Asia

“Building the relationships, building the connections, building the facility and also changing mindsets — getting Canadian companies to see the opportunities we have around the world to partner and invest.”

CNN sues Trump, demanding return of Acosta to White House

CNN is asking for an immediate restraining order to return Acosta to the White House.

Amazon to split second HQ between New York, Virginia

Official decision expected later Tuesday to end competition between North American cities to win bid and its promise of 50,000 jobs

US trial to tell epic tale of Mexican drug lord “El Chapo”

Guzman’s long-awaited U.S. trial begins Tuesday in New York

Most Read