VANCOUVER, B.C. - Teck Resources Ltd. (TSX:TCK.B) said Monday it earned $411 million in its latest quarter as revenue increased 35 per cent compared with a year ago, helped by sharply higher copper and zinc revenue, offset by lower coal prices.
The mining company said its profit amounted to 70 cents per diluted share for the quarter ended Dec. 31 compared with a loss of $607 million or $1.27 per diluted share a year ago.
Revenue in the quarter totalled $2.17 billion, up from $1.6 billion.
The results included $58 million in positive after-tax pricing adjustments and an after-tax gain of $134 million from the sale of the comp nay's interest in the Morelos gold project in Mexico.
Partly offsetting the gains was a $68-million asset impairment charges related to Teck's oilsands projects.
The year-ago results included an $844-million asset impairment charge and $270 million in negative pricing adjustments,
"Our record revenues this year reflected strong performance across the company, including record production of copper at Quebrada Blanca and zinc at both Red Dog and Antamina," president and chief executive Don Lindsay said in a statement.
Copper revenue totalled $664 million, up from $145 million a year ago, while coal revenue was $810 million, down from $1.06 billion. Zinc revenue improved to $693 million, up from $392 million.
In its outlook for 2010, Teck said it expects to produce 24 million tonnes of coal, 340,000 tonnes of copper and 940,000 tonnes of zinc.
For the full year, Teck said it earned $1.83 billion or $3.42 per diluted share on $7.67 billion in revenue. That compared with a profit of $659 million or $1.45 per diluted share on $6.66 billion in revenue in 2008.
Shares in the company, which reported its results after the close of markets, were up 30 cents at $34.50 on the Toronto Stock Exchange.