Teck Resources Slips To Loss In Q4 On Charges, Weak Revenues - Quick Facts

(RTTNews) - Teck Resources Ltd. (TCK_A.TO, TCK) reported Thursday that its fourth-quarter loss attributable to shareholders was C$459 million or C$0.80 per share, compared with a profit of C$129 million or C$0.23 per share in 2014.

Total non-cash after-tax impairment charges C$536 million was taken in the fourth quarter.

The latest quarterly loss included mainly after-tax impairment charges C$536 million on the Fort Hills oil sand project.

Fourth-quarter adjusted attributable profit was C$16 million or C$0.03 per share, compared with C$116 million or C$0.20 per share last year.

Gross profit before depreciation and amortization was C$614 million, lower than prior year's C$757 million.

Revenues also declined to C$2.135 billion from C$2.256 billion a year ago.

The company said the results were significantly affected by the decline in commodity prices.

Concerns regarding a slowdown in the Chinese economy combined with an oversupply of certain commodities, especially steelmaking coal, have caused the price declines and volatility, the company said.

Don Lindsay, President and CEO, said, "... the commodity cycle continues to provide us with a very challenging environment such that our near-term priorities are to keep all of our operations cash flow positive, meet our commitment to Fort Hills with internal sources of funds, evaluate options to further strengthen our liquidity and maintain a strong financial position by ending the year without drawing on our lines of credit."