Teck’s earnings rise on higher coal price

Canadian diversified miner Teck Resources on Tuesday posted adjusted first-quarter profit of C$671-million, or C$1.16 a share, a significant increase on the C$18-million, or C$0.03 a share reported a year earlier, but falling short of analyst forecasts calling for earnings a share of C$1.29. The Vancouver-based miner said in a pre-market press release that the increase was largely driven by higher realised steelmaking coal prices and, to a lesser extent, higher copper and zinc prices. The price of steelmaking coal nearly tripled from a year ago, while copper and zinc prices increased by 25% and 66%, respectively.