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Teck Resources reports $305M Q1 profit, boosted by higher commodity prices

Last Updated Apr 28, 2021 at 7:13 am MDT

A truck is shown at Teck Resources Coal Mountain operation near Sparwood, B.C. in a handout photo. THE CANADIAN PRESS/HO-Teck Resources

VANCOUVER — Teck Resources Ltd. reported a first-quarter profit of $305 million compared with a loss a year earlier, helped by higher commodity prices.

The Vancouver-based mining company says prices for copper, zinc and blended bitumen were all higher than a year ago, partially offset by the effect of the strengthening Canadian dollar.

The profit for the quarter ended March 31 amounted to 57 cents per diluted share.

The result compared with a loss of $312 million or 57 cents per share in the same quarter last year when Teck recorded a $474-million asset impairment charge related to its Fort Hills oilsands operation.

Revenue for the quarter totalled nearly $2.55 billion, up from nearly $2.38 billion a year earlier.

On an adjusted basis, Teck says it earned a profit of 61 cents per share for the quarter, up from an adjusted profit of 17 cents per share a year ago.

“Strong first-quarter operational performance, in line with plan, and higher commodity prices contributed to a very solid start to 2021,” Teck chief executive Don Lindsay said a statement.

“We achieved major milestones for our priority projects, including surpassing the halfway point at our flagship QB2 copper growth project and moving into the commissioning phase of our Neptune steelmaking coal terminal upgrade.”

This report by The Canadian Press was first published April 28, 2021.

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

The Canadian Press