Company News

Teck Resources adjusted profit slumps on lower coal sales volumes

Feb 21 (Reuters) - Canadian miner Teck Resources Ltd reported a 75.6% slump in fourth-quarter adjusted profit on Friday, hurt by lower sales volume of steelmaking coal.

On an adjusted basis, income fell to C$122 million ($92.11 million), or 0.22 Canadian cents per share, in the quarter ended on Dec.31, from C$500 million, or 0.87 Canadian cents per share, in the earlier year.

Teck, which mines copper and zinc, said its revenue fell about 18.2% to C$2.66 billion.

The company also said it took non-cash, impairment charges totaling C$999 million in the quarter, which included C$910 million related to its Fort Hills oil sands mining. ($1 = 1.3245 Canadian dollars) (Reporting by Mekhla Raina in Bengaluru; Editing by Arun Koyyur)