VANCOUVER – Teck Resources Ltd. (TSX:TCK.B) says it earned $234 million in its latest quarter, helped by strong production and moves to reduce costs.
The Vancouver-based mining company said the profit amounted to 40 cents per diluted share for the quarter ended Sept. 30.
The result compared with a loss of $2.15 billion or $3.72 per diluted share a year ago when the company recorded asset and goodwill impairment charges totalling $2.2 billion after taxes.
On an adjusted basis, Teck said it earned $152 million or 26 cents per share in the quarter compared with an adjusted profit of $29 million or five cents per share a year ago.
Revenue increased to nearly $2.31 billion, up from $2.10 billion in the third quarter last year.
Teck chief executive Don Lindsay said the company’s operations have performed well, setting a number of quarterly and year-to-date production records while continuing to reduce costs.
“As a result of the recent increase in steelmaking coal prices, we are generating a significant amount of additional cash which we have used to reduce our debt by repurchasing $1.0 billion of our outstanding notes,” Lindsay said in a statement.