Teck Resources Ltd. announces a loss of $ 149 million attributable to shareholders in the second quarter due to a sharp drop in revenue due to declining demand and prices for resources during the COVID-19 pandemic.
The Vancouver miner’s loss in the three months ended June 30 was 28 cents per share, down from 41 cents per share or $ 231 million a year earlier.
Excluding non-recurring items, its adjusted earnings fell to $ 89 million or 17 cents per share, down from $ 498 million or 88 cents per share in the previous year quarter.
Revenue declined to $ 1.72 billion from $ 3.1 billion in the second quarter of 2019.
Teck was scheduled to report a loss of three cents per share and an adjusted loss of 10 cents per share on $ 1.7 billion in revenue, according to financial markets data firm Refinitiv.
The company says it has reduced approximately $ 250 million in operating costs and $ 430 million in capital costs to date compared to the planned spending it envisioned at the end of last June.
“We took steps during the quarter to further strengthen our financial position, reduce costs and position Teck to significantly improve margins late in 2020 and early 2021 as we complete major capital projects. Said President and CEO Don Lindsay.