By Canadian Press

Miner Teck Resources reports Q3 profit down, plans to focus on reducing costs

Oct 24, 2019 | 4:36 AM

VANCOUVER — Teck Resources Ltd. says it is focusing on improving efficiency and productivity after it reported its third-quarter profit fell compared with a year ago.

Teck chief executive Don Lindsay says global economic uncertainties are having a “significant negative effect” on the company’s prices for its products, particularly steelmaking coal.

The Vancouver-based mining company is implementing a cost reduction program to reduce capital and operating costs for the balance of 2019 and 2020

Teck reported a profit attributable to shareholders of $369 million or 66 cents per share for the quarter ended Sept. 30 compared with a profit of $1.28 billion or $2.23 per share in the same quarter last year. Revenue totalled nearly $3.04 billion, down from nearly $3.21 billion.

On an adjusted basis, the company says it earned a profit attributable to shareholders of $403 million or 72 cents per share compared with an adjusted profit of $466 million or 81 cents per share a year ago.

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Analysts on average had expected a profit of 66 cents per share for the quarter, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Oct. 24, 2019.

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

The Canadian Press