By Canadian Press

Teck Resources reports Q3 loss on one-time charge for Fort Hills sale

Oct 27, 2022 | 5:48 AM

VANCOUVER — Teck Resources Ltd. reported a loss in its latest quarter as it took a one-time charge related to the sale of its stake in the Fort Hills oilsands project to Suncor Energy Inc.

The company says it lost $195 million or 37 cents per diluted share for the quarter ended Sept. 30.

The result compared with a profit of $816 million or $1.51 per diluted share in the same quarter a year ago.

Revenue in what was the company’s third quarter totalled $4.67 billion, up from $3.97 billion in the same quarter last year.

The results included a $952-million asset impairment charge related to the sale of the company’s 21.3 per cent stake in Fort Hills to Suncor for about $1 billion.

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On an adjusted basis, Teck says it earned $923 million or $1.74 per diluted share for the quarter compared with an adjusted profit of nearly $1.02 billion or $1.88 per diluted share in the same quarter last year.

This report by The Canadian Press was first published Oct. 27, 2022.

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

The Canadian Press