Higher prices, shipments buttress Teck Cominco's earnings in 3d qtr.
Oct 27, 2004 | 11:02 AM
| Julie Bresnick
Higher prices, shipments buttress Teck Cominco's earnings in 3d qtr. Teck Cominco Ltd.'s net income soared to Canadian $120 million ($98 million) in the third quarter from C$16 million in the same period last year on sales that jumped 65.8 percent to C$978 million ($798.5 million).
Operating earnings climbed to C$338 million ($276 million) from C$65 million a year earlier, driven primarily by higher commodity prices and increased sales of copper, lead, molybdenum, zinc and coal, the Vancouver, British Columbia,-based company said.Average prices in the third quarter increased by 61 percent for copper, 81 percent for lead and 19 percent for zinc compared with a year earlier, Teck Cominco said.....
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