Coal slump hits Teck’s profit, output forecast – Mining.com
July 23, 2015
Canada’s largest diversified miner Teck Resources (TSX:TCK.A, TCK.B), (NYSE: TCK) posted Thursday a 21% drop in quarterly profit and cut its 2015 coal production forecast due to falling demand from China and increased supply from Australia.
The company, which is temporarily shutting down coal mines in Canada for three weeks this summer, cut its 2015 coal production forecast to 25-26 million tonnes from 26.5-27.5 million tonnes.
The Vancouver-based miner noted that unless the supply-demand balance improves it may take further steps to reduce production in the fourth quarter.
Net profit attributable to shareholders, said Teck, fell in the quarter to $63 million, or 11 cents per share, from $80 million, or 14 cents per share, in the same period last year.
Excluding one-time items, Teck earned an adjusted profit of $79 million or 14 cents per share for the quarter, up from $72 million or 13 cents per share a year ago.
Revenue totalled nearly $2 billion, down slightly from just over $$2 billion in the same quarter last year.
Read More: http://www.mining.com/coal-slump-hits-tecks-profit-output-forecast/
