Close X
Wednesday, November 27, 2024
ADVT 
National

Teck swings to $149-million Q2 loss

Darpan News Desk The Canadian Press, 23 Jul, 2020 05:33 PM
  • Teck swings to $149-million Q2 loss

Teck Resources Ltd. is reporting a second-quarter loss attributable to shareholders of $149 million on a big drop in revenues due to weaker demand and resource prices during the COVID-19 pandemic.

The Vancouver-based miner's loss in the three months ended June 30 amounted to 28 cents per share, compared with a 41 cents per share or $231-million profit a year earlier.

Excluding one-time items, its adjusted profit fell to $89 million or 17 cents per share, down from $498 million or 88 cents per share in the prior year quarter.

Revenues decreased to $1.72 billion from $3.1 billion in the second quarter of 2019.

Teck was expected to report a three cents per share loss and 10 cents per share adjusted loss on $1.7 billion of revenues, according to financial markets data firm Refinitiv.

The company says it has cut about $250 million in operating costs and $430 million in capital costs to date from expected spending contemplated at the end of last June.

"We took steps during the quarter to further strengthen our financial position, reduce costs and position Teck to significantly improve margins towards the end of 2020 and early 2021 as we complete major capital projects," stated president and CEO Don Lindsay.

MORE National ARTICLES

Closing arguments continue in cop's manslaughter trial

Closing arguments continue in cop's manslaughter trial
The injuries suffered by a Somali-Canadian man during an arrest in Ottawa four years ago did not cause or directly contribute to his death, defence lawyers told a police officer's manslaughter trial Tuesday.

Closing arguments continue in cop's manslaughter trial

Poll suggests parents want masks at schools

Poll suggests parents want masks at schools
Almost two-third of parents in a new poll say they believe that children returning to school in the fall should wear masks at least part of the time.

Poll suggests parents want masks at schools

No evidence of Trudeau contact with WE Charity before deal awarded: PCO Clerk

No evidence of Trudeau contact with WE Charity before deal awarded: PCO Clerk
The federal government's top public servant says there is no evidence to suggest Prime Minister Justin Trudeau spoke with WE Charity before the organization was awarded a deal to run a student-volunteer program.

No evidence of Trudeau contact with WE Charity before deal awarded: PCO Clerk

Safety board to examine helicopter crash site

Safety board to examine helicopter crash site
Members of the Transportation Safety Board of Canada are expected to arrive in Newfoundland later today to investigate a fatal helicopter crash near Thorburn Lake.

Safety board to examine helicopter crash site

Police probe apparent death of Quebec father

Police probe apparent death of Quebec father
Many questions remain unanswered in the case of a Quebec father whose body was found hours after the funeral for his two young daughters.

Police probe apparent death of Quebec father

Prepare for hybrid Commons: committee

Prepare for hybrid Commons: committee
The parliamentary committee that oversees the way the House of Commons works says the chamber should spend the summer getting ready for MPs to participate and vote from outside Ottawa.

Prepare for hybrid Commons: committee