Teck Resources Posts Lower Profit In Q1

(RTTNews) - Teck Resources Ltd. (TECK), on Thursday, reported Q1 profit from continuing operations attributable to shareholders of C$343 million or C$0.65 per share versus C$1.17 billion or C$2.23 per share last year.

Adjusted profit from continuing operations attributable to shareholders plunged to C$392 million or C$0.75 per share from the prior year's C$930 million or C$1.78 per share.

Revenue for the quarter amounted to C$3.99 billion, higher than the previous year's revenue of C$3.79 billion.

"All outstanding major construction at our QB operation was completed in the first quarter, including the shiploader and molybdenum plant, and we marked the first shipment of concentrate from the completed port facility," said Jonathan Price, President and CEO. "We had strong first quarter performance across our business, generating $1.7 billion of Adjusted EBITDA1 with steadily increasing quarterly copper production as QB ramp-up advances, and we continued to return cash to shareholders."