Teck Resources has reported a significant drop in its first-quarter profit from continuing operations, which fell to C$343 million (approximately USD $250.39 million), or C$0.65 (approximately USD $0.47) per share, compared to C$1.17 billion (approximately USD $854.1 million), or C$2.23 (approximately USD $1.63) per share, in the same period last year.
The adjusted profit from continuing operations also saw a substantial decrease, coming in at C$392 million (approximately USD $286.16 million), or C$0.75 (approximately USD $0.55) per share, down from C$930 million (approximately USD $678.9 million), or C$1.78 (approximately USD $1.30) per share, reported a year earlier. Despite the dip in profits, the company did see an increase in revenue, posting C$3.99 billion (approximately USD $2.91 billion) for the quarter, up from C$3.79 billion (approximately USD $2.77 billion) the previous year.
Jonathan Price, President and CEO of Teck Resources, highlighted the completion of all major construction at the company's QB operation within the quarter, including significant developments like the shiploader and molybdenum plant. The company also celebrated the first shipment of concentrate from the newly completed port facility.
Price noted, "We had strong first quarter performance across our business, generating $1.7 billion (approximately USD $1.24 billion) of Adjusted EBITDA with steadily increasing quarterly copper production as QB ramp-up advances, and we continued to return cash to shareholders."
