FX.co ★ Teck Resources Posts Lower Profit In Q1

Teck Resources Ltd. (TECK) announced on Thursday, a Q1 profit from ongoing operations credited to shareholders of C$343 million or C$0.65 per share. This figure was less compared to C$1.17 billion or C$2.23 per share from the previous year.

Furthermore, adjusted profit from ongoing operations attributable to shareholders saw a significant drop, with figures settling at C$392 million or C$0.75 per share as compared to the previous year's C$930 million or C$1.78 per share.

However, the company highlighted a slight increase in revenue for the quarter, amounting to C$3.99 billion versus the previous year's revenue of C$3.79 billion.

Jonathan Price, President, and CEO shared notable achievements in the first quarter, stating, "All major construction projects, including the shiploader and molybdenum plant, at our QB operation were successfully completed. Additionally, we marked the first shipment of concentrate from the newly finished port facility." He went on to note the company's strong performance throughout the first quarter, generating $1.7 billion of Adjusted EBITDA1. Price emphasized the steady increase in the company's quarterly copper production as QB ramp-up continues and the company's commitment to continue returning cash to its shareholders.