Teck nets $23 million in quarter

Teck Corp. (TSE) reports net earnings before extraordinary items of $23 million or 29 per share for the quarter ended Sept 30, 1988. This compares to $11 million or 12 for the same period a year ago. Net earnings for the quarter after extraordinary items totaled $26 million or 33 per share.

For the 12-month period ending Sept 30, 1988 net earnings before extraordinary items amounted to $75 million or 94 compared with $34 million or 35 a year ago. Net earnings after extraordinary items for the 12-months were $78 million or 98 .

David Thompson, senior vice- president and chief financial officer, says the higher earnings were “due to increased production from the David Bell mine at Hemlo and to higher earnings from Lornex (VSE) and Cominco (TSE). Earnings from the Williams mine at Hemlo have not been included in these results pending the judgment of the Supreme Court of Canada.”