Weak Underlying 2018 Result for Teck but USD 18.40 per Share FVE Maintained
Teck’s 2018 net profit after tax rose 24% to CAD 3.1 billion. The result included several once-off items, notably CAD 809 million of profits from asset sales. On an adjusted basis, net profit fell 8% to CAD 2.4 billion, short of our CAD 2.8 billion forecast. The shortfall reflected weaker than expected coal and copper earnings. Full-year coal sales of 26.0 million tonnes were less than our 26.5 million tonne forecast and realized coal prices were also slightly weaker. The shortfall in copper pri...Teck Resources is engaged in mining and related activities including exploration, development, processing, smelting and refining. Co.'s major products are steelmaking coal, copper and zinc. Co. also produces precious metals, lead, molybdenum, electrical power, fertilizers and other metals. Co. also owns an interest in certain oil sands leases and have partnership interests in an oil sands development project and wind power project.
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