By Canadian Press

Teck Resources takes Fort Hills charge, reports Q4 loss

Feb 18, 2021 | 5:08 AM

VANCOUVER — Teck Resources Ltd. reported a loss in its fourth-quarter as the company took a hit related to its investment in the Fort Hills oilsands mine.

The miner says its loss attributable to shareholders amounted to $464 million or 87 cents per diluted share for the quarter Dec. 31 compared with a loss of $1.84 billion or $3.33 per diluted share a year earlier.

Teck says the loss for its most recent quarter included a non-cash, pre-tax charge of $597 million related to Fort Hills.

Revenue in the quarter totalled $2.56 billion, down from $2.66 billion in the fourth quarter of 2019.

On an adjusted basis, Teck says it earned 46 cents per diluted share for its most recent quarter, up from an adjusted profit of 40 cents per diluted share a year earlier.

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Analysts on average had expected an adjusted profit of 35 cents per share and $2.52 billion in revenue, according to financial data firm Refinitiv.

This report by The Canadian Press was first published Feb. 18, 2021.

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

The Canadian Press