The corporate logo of Teck Resources Limited is shown. THE CANADIAN PRESS/HO
July 27, 2021 - 4:16 AM
VANCOUVER - Teck Resources Ltd. missed expectations despite posting much stronger second-quarter results, with revenues more than doubling amid improving market conditions.
The Vancouver-based mining company says its net income attributable to shareholders surged to $260 million or 48 cents per diluted share, from a loss of $149 million or 28 cents per share a year earlier.
Adjusted profits were $339 million or 63 cents per share, up 281 per cent compared with $89 million or 17 cents per share in the second quarter of 2020.
The increase is partially attributable to a $147-million reduction in COVID-19 costs and $38 million in inventory writedowns.