Teck Resources Limited has announced net earnings of USD 609 million in the third quarter. Operating profit before depreciation was approximately USD 1 billion and cash balance, including restricted cash set aside for the payment of principal and interest on our term loan, was approximately USD 1.5 billion.
Highlights and significant items
1. Operating profit before depreciation in the third quarter was approximately USD 1 billion as compared with USD 798 million last year. On a YTD basis operating profit before depreciation was USD 2.6 billion as compared with USD 2.5 billion in 2008.
2. Net earnings in the quarter were USD 609 million as compared with USD 424 million in the third quarter of 2008. Net earnings on a YTD basis were USD 1.4 billion as compared with USD 1.3 billion last year.
3. EBITDA for the 12 months ended September 30th 2009 was USD 3.6 billion.
4. Earnings from continuing operations before non recurring items were USD 337 million and before pricing adjustments were USD 270 million in the third quarter. Earnings from continuing operations before non recurring items on a year to date basis were USD 818 million and were USD 672 million before pricing adjustments.
Mr Don Lindsay president & CEO of Teck Resources said that "Our major operations continue to perform well and produced record revenues of USD 2.1 billion in the third quarter despite coal and zinc prices that were less than 50% of previous highs. Our total debt has now been reduced by USD 5 billion since we completed the Fording transaction in October 2008. We expect further reductions of approximately USD 1.1 billion upon the completion of previously announced asset sales expected later this year and early 2010."
