Teck has released it香蕉视频直播檚 quarterly report for April-June 2022, which the company says was a fourth consecutive quarter of record-setting earnings driven by high commodity prices.
Adjusted profit attributable to shareholders for the entire company was five times higher than the same time last year, at $1.8 billion, in no small part thanks to the coal division.
Gross profits were at $3.2 billion (up from $689 million in Q2 香蕉视频直播�21) overall from the company, of which $2.5 billion came from coal 香蕉视频直播� breaking the last quarter香蕉视频直播檚 record-setting $1.8 billion.
香蕉视频直播淕ross profit increased significantly from $233 million in the same period last year driven by record-high steel-making coal prices, partly offset by higher unit operating costs due to inflationary cost pressures and the effect of lower production levels,香蕉视频直播� reads the report.
香蕉视频直播淩ealized steel-making coal prices of US$453 per tonne in the quarter increased from US$144 per tonne in the same period last year and exceeded the previous record of US$357 per tonne realized in the first quarter of 2022.香蕉视频直播�
Second quarter sales were roughly the same as last year香蕉视频直播檚 Q2, at 6.3 million tonnes and within guidances. Production was less, at 5.3 million tonnes, but there was a backlog of inventory on-site in the Elk Valley mines.
香蕉视频直播淭he logistics chain performed well through the quarter, reducing mine steel-making coal inventories to near-historic low levels.香蕉视频直播�
According to the company, this was thanks to that improvements to the supply chain which allowed it to clear a backlog in inventory which built up in late 2021 and early 2022 due to transportation snags in British Columbia, allowing for strong sales numbers.
香蕉视频直播淎s the cornerstone of our supply chain transformation, our upgraded Neptune port supported improved supply chain reliability and resilience, avoiding the potential loss in revenue in excess of $1 billion since July 2021,香蕉视频直播� reads the report.
Looking at the steel-making coal market, a slowdown in the global economy has been named as a culprit for throttled profits.
香蕉视频直播淕lobal steel-making coal prices are affected by reduced downstream steel demand as weakening auto production and global inflationary pressures weigh on market sentiment which, when combined, are adding pressure on steelmakers香蕉视频直播� margins.香蕉视频直播�
Despite this, Teck香蕉视频直播檚 report claims that the division is well-positioned to continue posting hefty profits into the third quarter (July-September). Due to inventories being down, sales are expected to match production for the next quarter, between 5.8 and 6.2 million tonnes.
Finally, the company conceded it didn香蕉视频直播檛 expect to recover any production shortfalls from the first half of the year, citing workplace challenges.
香蕉视频直播淲e now expect annual production to be between 23.5 and 24.0 million tonnes, below our previous guidance of 24.5 to 25.5 million tonnes.香蕉视频直播�
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