Teck warns of EU impact as earnings fall

Apr 24, 2012 | 03:48 PM | Barbara O'Donovan

Tags  Teck Reources, copper, zinc, coal, quarterly earnings results, Barbara O'Donovan

NEW YORK — Economic uncertainty in Europe could affect Teck Resources Ltd.’s prices and shipments to customers, the company warned Tuesday as it reported a 52.7-percent drop in first-quarter earnings.

"The uncertainty over the ongoing economic conditions in Europe continues to have an effect on the global economy, and this may affect both prices and shipments to our customers," the company said.

Earnings attributable to shareholders fell to Canadian $218 million ($219 million) for the quarter ended March 31 from C$461 million in same 2011 period. This was due, in part, to rising costs at the company’s copper business, as well as a C$329-million ($332.9-million) after-tax charge levied after Teck refinanced some of its debt, both of which offset gains at the Vancouver, British Columbia-based company’s coal business.....

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