Teck earnings up (February 13, 1989)

The Vancouver-based corporation reported net earnings before extraordinary items for the 12 months ended December 31 of $88 million, up significantly from $34 million for fiscal 1987. After extraordinary profits of $5 million, earnings for the period were $93 million. Earnings per share increased from 35 cents to $1.10 before extraordinary items, and $1.16 after extraordinary items.

Revenues for the 12 months were $248 million as compared with $204 million in fiscal 1987.

For the quarter ended Dec 31, the corporation reported net earnings before extraordinary items of $30 million (37 cents per share), with net earnings after extraordinary items of $31 million (39 cents per share) compared with earnings of $17.1 million (21 cents per share) for the same period in 1987.

Gold production from the David Bell mine increased from 130,000 oz in fiscal 1987 to 218,000 oz in the last 12 months. And improved base metal prices resulted in strong performances at Cominco and Lornex, both of which were equity accounted during the year. Cominco contributed $32 million of Teck’s earnings in the last 12 months, compared to nil in fiscal 1987. Earnings from the Williams mine at Hemlo were not included in the corporation’s financial results, pending the judgment of the Supreme Court of Canada.

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