By The Canadian Press

Steelmaking coal business helps boost third-quarter profit at Teck Resources

Oct 26, 2017 | 6:45 AM

VANCOUVER — Teck Resources Ltd. (TSX:TECK.B) saw its third-quarter profit more than double compared with a year ago, boosted by its steelmaking coal business.

The mining company says it earned $600 million attributable to shareholders or $1.02 per diluted share for the quarter ended Sept. 30.

That compared with a profit of $234 million or 40 cents per diluted share in the same quarter last year.

Revenue grew to $3.13 billion, up from $2.31 billion a year ago.

Teck says its steelmaking coal business was helped by strong operational performance and substantially higher prices and increased sales volumes, partly offset by higher costs.

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It also says it benefited from higher copper, zinc and lead prices, partly offset by the strengthening loonie and copper sales volumes lagging production levels due to timing of vessel loadings.

The Canadian Press