Profit up 44% for Teck Corp

With a profit boost of 44%, Teck Corp. has emerged from the year ending Sept 30 with a net income of $23.3 million or 42 cents per share.

However, with extraordinary items net income increases to $24 million or 44 cents per share. In 1985 the Vancouver-based company posted earnings of $16.1 million or 30 cents per share after two years of losses.

Revenues were lower at $185.2 million for fiscal 1986 versus $217.9 million in 1985. The breakdown sees $166 million in mining revenue and $12.4 million in petroleum revenue in 1986, while in 1985 mining revenue amounted to $200.1 million with $14.8 million for petroleum.

Cash flow from operations was $56.8 million or $1.86 per share for 1986, slightly higher than the $55.9 million or $1.89 per share the previous year.