Teck Resources Q2 Profit Down 65%

Canada's Teck Resources TCK reported a 65% decline in its second-quarter profit. Profit attributable to shareholders dropped to C$268 million, or 46 Canadian cents a share, from C$756 million, or C$1.28 a share, in the year-ago quarter. Its adjusted profit dipped 53% to C$312 million, or 53 Canadian cents per share. Teck Resources' revenue dropped 7% to C$2.6 billion. However, analysts were expecting a profit of 64 Canadian cents a share and revenue of C$2.47 billion. Teck Resources shares closed at $28.76 yesterday.