Commodities

Teck Resources profit beats on strong energy, zinc units

Credit: REUTERS/RODRIGO GARRIDO

Canadian miner Teck Resources Ltd on Thursday beat expectations for quarterly adjusted profit, as strength in its energy and zinc units offset weak base metal prices amid a prolonged U.S.-China trade war.

Compares with estimates, adds background

Oct 24 (Reuters) - Canadian miner Teck Resources Ltd TCKb.TO, TECK.N on Thursday beat expectations for quarterly adjusted profit, as strength in its energy and zinc units offset weak base metal prices amid a prolonged U.S.-China trade war.

Revenue at its energy business unit rose 22% to C$255 million ($195.07 million), while that of its zinc operations gained marginally to C$902 million from C$884 million a year ago.

On an adjusted basis, the company's profit fell to C$403 million, or C$0.72 per share, in the quarter ended Sept. 30, from C$466 million, or C$0.81 per share, a year earlier. (http://bit.ly/2Pc6nkW)

Analysts on average were expecting the company to earn 66 Canadian cents per share, according to Refinitiv estimates.

The Vancouver-based company said revenue fell 5.4% to C$3.04 billion.

($1 = 1.3078 Canadian dollars)

(Reporting by Rishika Chatterjee and Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta and Rashmi Aich)

((Rishika.Chatterjee@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 99 7277 8938; Reuters Messaging: rishika.chatterjee.thomsonreuters.com@reuters.net))

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