UPDATE: Teck Profit Falls on Weaker Coal, Metal Prices; Shares Down 7% But Off Intraday Lows
Teck Resources Inc. (TCK-B.TO) reported a drop in its second quarter net profit of nearly 65%, largely due to lower coal and metal prices, Reuters reports.
Reuters said the company's profit fell to C$268 million ($262.84 million), or 46 Canadian cents per share, from C$756 million, or C$1.28 per share, in the year-earlier period. Revenue fell to C$2.56 billion from C$2.80 billion, as coal, copper, zinc and other metal prices fell below year-ago levels.
Analysts on average had expected a profit of 64 Canadian cents per share on revenue of C$2.47 billion, according to Thomson Reuters I/B/E/S.
Teck's B class shares are ending the day down near 7%, at $27.35, off the intraday low of $26.92, which was a 52-week low.
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