Teck posts record profit in 2011

Vancouver’s Teck Resources Ltd. (TSX: TCK.A and TCK.B, NYSE: TCK) has reported record annual profit of $2.7 billion last year.

This was up 47% from $1.8 billion in 2010.

The mining giant’s annual numbers were bolstered by a strong fourth quarter in which profits almost doubled to $637 million from $325 million in 2010’s fourth quarter.

Total revenue for the company increased year-over-year, up 25% from 2010 to $11.5 billion in 2011.

Teck noted record annual copper production and record ore shipped at its coal operations as factors in the positive growth.

Don Lindsay, president and CEO of Teck, said, “Higher average commodity prices combined with strong operating results contributed to new records for each of revenue, gross profit, profit and cash flow from operations.

“This allowed us to increase our annualized dividend rate to $0.80 per share. We ended the year with $4.4 billion in cash, which puts us in a strong position to advance our various expansion projects.”

At press time, shares in Teck were trading up $0.62 on the day, up 1.5% to $41.37.

Jennifer Harrison