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Oct 27 (Reuters) - Canadian miner Teck Resources Ltd TCKb.TO TCK.N reported a quarterly profit, compared with a year-earlier loss, helped by cost cuts and a rise in steelmaking coal prices.
Teck, the largest producer of steelmaking coal in North America, said on Thursday its total operating costs fell 7.3 percent to C$800 million ($598.2 million) in the third quarter. miner said it sold 7.3 million tons of coal in the quarter ended Sept. 30, above its forecast for coal sales of at least 6.8 million tons.
The company forecast total steelmaking coal sales, including spot sales, to be at or above 6.5 million tonnes in the fourth quarter.
Average realized price for steelmaking coal rose to C$120 per tonne in the quarter, from C$116 a year earlier.
"We are encouraged by the improved commodity price environment, but remain cautious about how long the supply/demand imbalance will last," the company said in a statement.
The company said the construction of the Fort Hills oil sands project in northern Alberta was more than 70 percent complete. Teck owns a 20 percent stake in the 180,000 barrel-per-day project, which is majority owned by Suncor Energy Inc SU.TO .
Net profit attributable to Teck shareholders was C$234 million ($174.9 million), or 41 Canadian cents per share, for the quarter, compared with a loss of C$2.15 billion, or C$3.73 per share, a year earlier.
Teck had taken an impairment charge of C$2.2 billion related to the writedown of the value of its assets.
The Vancouver-based company's revenue rose 9.7 percent to C$2.31 billion.
($1 = C$1.34)