Teck Resources Ltd., Canada’s largest diversified mining company by market value, reported profit that beat analysts’ estimates as coal sales rose.
Net income increased to C$319 million ($310 million), or 55 cents a share, in the first quarter from C$258 million, or 44 cents, a year earlier, the Vancouver-based company said today in statement. Excluding one-time items, Teck earned 56 cents a share, more than the 38-cent average of 23 estimates compiled by Bloomberg.
Sales fell to C$2.3 billion from C$2.5 billion a year earlier, beating the C$2.22 billion average of 14 estimates. Teck’s coal sales rose 24 percent to 6.6 million metric tons in the quarter, up from 5.3 million a year earlier.
China, the world’s biggest steelmaker, imported 1.26 million tons of metallurgical coal from Canada in January and February, according to the latest figures from the Canadian government, 27 percent more than the year-earlier total. Chinese imports from Australia, the largest exporter by sea, also rose 33 percent, according to data compiled by Bloomberg.
Coal accounted for 45 percent of Teck’s revenue in 2012, according to data compiled by Bloomberg. The company also mines copper, which represented 30 percent of sales, and zinc, which made up 25 percent.
BHP Billiton-Mitsubishi Alliance, a joint venture between Australia’s BHP Billiton Ltd. and Japan’s Mitsubishi Corp., is the biggest exporter of seaborne metallurgical coal.