Teck Profit Beats Estimates as Loonie’s Slide Aids Bottom Line
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Teck Resources Ltd. reported better-than-estimated second-quarter profit as the Canadian diversified mining company benefited from lower relative costs due to a slumping local currency.
Net income fell to C$63 million ($48.6 million), or 11 cents a share, from C$80 million, or 14 cents, a year earlier, Vancouver-based Teck said in a statement on Thursday. Profit excluding one-time items was 14 cents a share, topping the 12-cent average of 25 analyst estimates compiled by Bloomberg.