VANCOUVER, B.C. – Teck Resources Ltd. saw its fourth-quarter profit drop 41.5 percent from the year earlier, amid lower prices for copper, zinc and oil.
The profit attributable to shareholders amounted to $433 million or 75 cents per diluted share, down from a profit of $748 million or $1.26 per diluted share in the fourth quarter of 2017.
Teck’s adjusted profit attributable to shareholders was $500 million or 86 cents per diluted share, down from $680 million or $1.16 per diluted share.
Revenue for the three months ended Dec. 31 was $3.25 billion, up from a $3.16 billion in the 2017 fourth quarter, as lower base metal prices were offset by higher prices for steelmaking coal and new contributions from oilsands production.
Steelmaking coal accounted for $1.674 billion of Teck’s revenue, up from a year earlier. Copper and zinc revenue fell to $633 million and $820 million respectively. Oil contributed $120 million of revenue, compared with none a year before.