Teck Resources Limited (TSX: TCK.A) is blaming a big decline in commodity prices such as coal and copper for a plunge in its fourth-quarter adjusted profit compared with the year before.
The Vancouver-based company announced February 13 its annual adjusted profit for the final quarter of 2013 was $1 billion, or $1.74 a share. Profit was $1.8 billion during the same period a year before, representing a 44% decrease.
"We were pleased with our operating performance in 2013," Teck president and CEO Don Lindsay said in a statement
“However, prices for all of our key products were down compared to last year, resulting in lower profits and cash flows than in 2012."
The company pointed to copper and coal prices, which dropped 10% and 11% in the fourth quarter of 2013 compared with the same period the year before.
