Teck earnings slide 64.6% on falling prices
Jul 25, 2012 | 02:27 PM
| Daniel Fitzgerald
NEW YORK Teck Resources Ltd. attributed a drop in second-quarter earnings to declining commodity prices fueled by global economic concerns.
The Vancouver, British Columbia-based company posted net income of Canadian $268 million for the three months ended June 30, down 64.6 percent from the same period last year, on an 8.4-percent decline in revenue to C$2.56 billion.
Excluding factors such as foreign exchange losses and asset sales, adjusted earnings were down 52.9 percent to C$312 million from C$663 million a year earlier, which the company attributed to "significantly lower coal and metal prices."....
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