Teck earnings slide 64.6% on falling prices

Jul 25, 2012 | 02:27 PM | Daniel Fitzgerald

Tags  teck resources, earnings, don lindsay, quebrada blanca, copper, zinc, 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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