Teck keep shareholders happy with huge profit
Teck have reported record annual profit attributable to shareholders of $2.7 billion, or $4.52 per share, up 47% from $1.8 billion in 2010. Fourth quarter profit attributable to shareholders was $637 million, or $1.08 per share, almost double the $325 million, or $0.55 per share, in the fourth quarter of 2010.
"2011 was another strong year for Teck. 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," said Don Lindsay, President and CEO.