VANCOUVER – Teck Resources says that both revenues and gross profits slipped slightly in 2012. Revenues across all business units – coal, copper, zinc and energy were $10.34 billion last year, compared to $11.51 billion in 2011, a drop of 10%. Gross profit in 2012 was $3.07 billion a drop of 37% when compared to $4.88 billion a year earlier.
Profit attributable to shareholders was $811 million in 2012, compared to the record $2.7 billion in 2011. Teck retained a cash balance of $2.9 billion at Feb. 5, 2013.
"From an operations perspective, 2012 was a good year," said president and CEO Don Lindsay. "Our copper production was a record, we continued to increase our steelmaking coal production and we obtained new labour agreements for a number of our operations. However, due to uncertain global economic conditions, prices for all of our major products were down compared to last year, which resulted in lower earnings and cash flows than in 2011."
Additional financial and production details for the year are available in the news release of Feb. 7, 2013, posted at Teck.com.