Post by
SUCYN on Oct 27, 2011 11:18am
Come on NAG , coal is climbing
Teck Resources Ltd. (TCK), the world’s second-largest exporter of coal used in steelmaking, said profit more than doubled as it reported record revenue. The shares climbed.Net income surged to C$814 million ($819 million), or C$1.37 a share, from C$316 million, or 54 cents, a year earlier, the Vancouver-based company said today in a statement. Revenue advanced 40 percent to C$3.38 billion, from C$2.41 billion a year earlier, as commodity prices advanced.Third-quarter results were boosted by a 49 percent increase in coal sales on “significantly” higher prices and sales volumes, while copper revenue gained 43 percent and zinc rose 22 percent, the company said. Coal production increased by 9 percent from a year earlier to 6 million tons.