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UPDATE 1-Teck Resources posts surprise profit as cost cutting pays off

Published 2016-02-11, 05:47 a/m
© Reuters. UPDATE 1-Teck Resources posts surprise profit as cost cutting pays off
TECK
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(Adds details)
Feb 11 (Reuters) - Canadian miner Teck Resources Ltd
TCKb.TO TCK.N reported a surprise quarterly profit as cost
cutting helped offset the impact of lower commodity prices.
Teck, the largest producer of steel-making coal in North
America, has said it would lay off about 1,000 employees, or 9
percent of its workforce, and has cut its dividend to reduce
costs and shore up its finances.
The company said on Thursday sales costs fell 1.2 percent to
C$6.98 billion ($5.00 bln) in 2015, the first fall in seven
years.
However, Teck said it expected the cost of products sold to
rise slightly to C$45-C$49 per tonne in 2016.
The company reported a net loss attributable to shareholders
of C$459 million, or 80 Canadian cents per share, in the three
months ended Dec. 31.
Teck earned C$129 million, or 23 Canadian cents per share, a
year earlier.
Excluding a non-cash impairment charge of C$536 million,
Teck earned 3 Canadian cents per share, compared with analysts'
average estimate for a loss of 2 Canadian cents, according to
Thomson Reuters I/B/E/S.
Revenue fell 5.4 percent to C$2.14 billion.
($1 = C$1.40)

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