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

Kent wastewater plant gets $7,500 grant for improvement study

The district will be looking at modifications to its digester system

Fantasy Farms told to stop holding special events on farmland that go against agricultural rules

The Morans say it might spell the end of their seasonal events like Reapers Haunted Attractions

New event invites Agassiz to meet museum’s resident ghost

The Haunted Museum Tour will take place on Oct. 26 and 30

REAL ESTATE: Homesteading in the Cariboo a reality

Columnist Freddy Marks talks about why so many are looking to a ranch life when it comes to property

Chilliwack maternity ward gets bundle of new equipment

Breast pumps, small fridges for patient rooms and freezer for donor breast milk given to hospital

VIDEO: Agassiz lights candles in memory of missing, murdered Indigenous women

The Sisters in Spirit vigil took place at the Agassiz United Church

B.C. massage therapist reprimanded, fined for exposing patients’ breasts

Registered massage therapist admits professional misconduct

B.C. boosts legal aid funding in new payment contract

‘Duty counsel’ service restored in some communities, David Eby says

Rugby Canada helps recovery efforts in Japan after typhoon cancels final match

Canadian players wanted to “give back in whatever small way they could”

$100,000 reward for B.C. gangster extended to United States

Police belive fugitive Conor D’Monte may be in the Los Angeles area

Cheating husband sues mistress for gifted ring after wife learns about affair

The husband gave his mistress $1,000 to buy herself a ring in December 2017

Emily Carr University closed Sunday after fire causes some damage

The school is working with Vancouver police to assist their investigation into the fire

After losing two baby boys, B.C. parents hope to cut through the taboo of infant death

Oct. 15 is Pregnancy and Infant Loss Awareness Day in B.C.

Alberta to join B.C.’s class-action lawsuit against opioid manufacturers, distributors

B.C. government claims opioids were falsely marketed as less addictive than other pain meds

Most Read