Teck Resources Reports Q3 Loss On One-Time Charge For Fort Hills Sale
The Canadian Press – Canadian Press – Thu Oct 27, 5:59AM CDT
VANCOUVER — Teck Resources Ltd. reported a loss in its latest quarter as it took a one-time charge related to the sale of its stake in the Fort Hills oilsands project to Suncor Energy Inc.
The company says it lost $195 million or 37 cents per diluted share for the quarter ended Sept. 30.
The result compared with a profit of $816 million or $1.51 per diluted share in the same quarter a year ago.
Revenue in what was the company’s third quarter totalled $4.67 billion, up from $3.97 billion in the same quarter last year.
The results included a $952-million asset impairment charge related to the sale of the company’s 21.3 per cent stake in Fort Hills to Suncor for about $1 billion.
On an adjusted basis, Teck says it earned $923 million or $1.74 per diluted share for the quarter compared with an adjusted profit of nearly $1.02 billion or $1.88 per diluted share in the same quarter last year.
This report by The Canadian Press was first published Oct. 27, 2022.
Companies in this story: (TSX:TECK.B
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