{"id":1179590,"date":"2020-04-21T13:18:32","date_gmt":"2020-04-21T18:18:32","guid":{"rendered":"https:\/\/www.mining.com\/?p=1021111"},"modified":"2020-04-21T13:18:32","modified_gmt":"2020-04-21T18:18:32","slug":"teck-profit-falls-in-q1-shares-down","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1179590","title":{"rendered":"Teck profit falls in Q1, shares down"},"content":{"rendered":"<p>Teck (TSX: TECK, NYSE: TECK) <a rel=\"noreferrer noopener\" aria-label=\"announced (opens in a new tab)\" href=\"https:\/\/www.teck.com\/media\/Q1-2020-NR-Quarterly.pdf\" >reported <\/a>on Monday an 84% plunge in quarterly profit, primarily due to the effects of the covid-19 pandemic and the weak performance of its energy unit.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>In the first quarter, Teck had an\u00a0attributable loss to shareholders of C$312 million, or a $0.57 loss per share, compared with a\u00a0profit<strong>\u00a0<\/strong>of C$630 million ($1.11 per share) a year ago.<\/p>\n<p>The adjusted profit attributable to shareholders was C$94 million (C$0.17 per share) compared with C$587 million (C$1.03 per share) a year ago, Teck said.   <\/p>\n<p>Teck reported adjusted EBITDA of C$608 million for the first quarter of 2020 compared with C$1.4 billion a year ago. <\/p>\n<h2>Covid-19 impact<\/h2>\n<p>The company has suspended its 2020 financial forecasts due to the impacts of the coronavirus pandemic.<\/p>\n<p>Teck also <a rel=\"noreferrer noopener\" aria-label=\"temporarily suspended (opens in a new tab)\" href=\"https:\/\/www.mining.com\/web\/teck-halts-construction-at-quebrada-blanca\/\" >temporarily suspended<\/a> construction at its Quebrada Blanca Phase 2 project in northern Chile.<\/p>\n<p>In February, Teck&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.teck.com\/news\/news-releases\/2020\/teck-withdraws-regulatory-application-for-frontier-project\" >officially withdrew its application<\/a>&nbsp;to build the C$20.6-billion ($15.7bn) Frontier oilsands mine, just days before the Canadian government was slated to make a decision on the 260,000-barrel-per-day project in northern Alberta.<\/p>\n<p>As a result, Canada\u2019s largest diversified miner will take a C$1.13-billion ($852.12m) writedown on the project.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> Teck was forced to reduce its oil sands Fort Hills mine in Alberta to a single-train facility resulting in lower production of bitumen <\/p>\n<\/blockquote>\n<\/figure>\n<p>Teck was forced to reduce its oil sands Fort Hills mine in Alberta to a single-train facility resulting in lower production of bitumen and contributing to an impairment of C$474 million. <\/p>\n<p>\u201cThe pandemic has had a significant negative impact on the global economy and commodity markets and the outlook is uncertain,&#8221; Don Lindsay, Teck&#8217;s president and CEO said the statement.   <\/p>\n<p>&#8220;However, almost all of our sites are currently operating, with some at reduced production, and our steelmaking coal operations had a strong finish to the quarter, exceeding our sales guidance with site costs well below expectations,\u201d Lindsay said.  <\/p>\n<p>Production at its steelmaking coal operations, Teck Resources&#8217; biggest business, fell 19.7% to 4.9 million tonnes in the first quarter, while copper declined 1.4%.<\/p>\n<p>Midday Tuesday, Teck\u2019s stock was down nearly 7% on the NYSE. The company has a $3.8 billion market capitalization. <\/p>\n<p>(<em>With files from Reuters)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The adjusted profit attributable to shareholders was C$94 million compared with C$587 million last year.<\/p>\n","protected":false},"author":110,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1179590"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1179590"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1179590\/revisions"}],"predecessor-version":[{"id":1179594,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1179590\/revisions\/1179594"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1179590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1179590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1179590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}