Teck Resources second-quarter results boosted by steelmaking coal business
Posted Jul 27, 2017 07:34:54 AM.
Last Updated Jul 27, 2017 08:00:07 AM.
This article is more than 5 years old.
VANCOUVER – Teck Resources Ltd. (TSX:TECK.B) says its steelmaking coal business helped grow its second-quarter profit to $577 million.
The company says the profit amounted to $1 per share for the quarter ended June 30, up from $15 million or three cents per share a year ago.
Revenue in the quarter totalled nearly $2.82 billion, up from $1.74 billion.
The improvement came as Teck says it set second-quarter steelmaking coal sales and production records of 6.9 million and 6.8 million tonnes and saw gains in prices, offset in part by higher costs.
The company also benefited from higher base metal prices and a weaker loonie compared with the U.S. dollar compared with a year ago.
Teck expects steelmaking coal sales to reach at least seven million tonnes in the third quarter.
