On October 28, Vancouver, Canada-based metallurgical coal and zinc producer Teck Resources Limited issued its financial results for the third quarter of 2010, reporting record high revenues.
According to the financial results, the net profit of the company was CA$331 million (US$ 322.8 million) in the third quarter of 2010, compared with a net profit of CA$609 million in the third quarter of 2009, decreasing 45.6 percent. Teck Resources' third quarter earnings included a $340 million charge related to the refinancing of a portion of company debt. Last year, third quarter earnings included a $311 million foreign exchange gain on the company's US dollar-denominated debt compared with $26 million this year.
Sales revenues in the third quarter of 2010 saw an increase of 18.3 percent, rising from CA$2.13 billion in the corresponding period of the previous year to CA$2.52 billion (US$2.46 billion).
The EBITDA of the company was CA$912 million (US$889.4 billion) in the third quarter of 2010, compared with an EBITDA of CA$1.23 billion in the third quarter of 2009, decreasing 25.9 percent.
Coal sales in the third quarter were negatively affected by temporary capacity constraints at Westshore Terminals, the company said. Third quarter sales of 5.5 million mt were below Teck's previous guidance of 5.8 to 6.2 million mt. Sales for the calendar year are expected to be in the range of 23 to 23.8 million mt compared with our previously announced guidance of 23.5 to 24.5 million mt.