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July 23 (Reuters) - Canadian miner Teck Resources Ltd
TCKb.TO TCK.N reported a 21 percent fall in quarterly profit
and cut its 2015 coal production forecast due to falling demand
from China and increased supply from Australia.
The company, the largest producer of steel-making coal in
North America, cut its 2015 coal production forecast to 25-26
million tonnes from 26.5-27.5 million tonnes.
Teck also cut its third-quarter sales forecast to 6 million
tonnes from 6-6.5 million tonnes.
The company said it would reduce production further in the
fourth quarter, if market conditions do not improve.
Average realized prices for coal fell 14 percent to $95 per
tonne in the second quarter ended June 30, while average
realized prices for copper fell 11 percent to $2.74 per pound.
Net profit attributable to shareholders fell to C$63
million ($48.6 million), or 11 Canadian cents per share, for the
quarter, from C$80 million, or 14 Canadian cents per share, a
year earlier. ID:nCCN7bfJBz
On an adjusted basis, Teck earned 14 Canadian cents per
share, above analysts' average estimate of 11 Canadian cents,
according to Thomson Reuters I/B/E/S.
The Vancouver-based miner reported revenue of about C$2
billion, in line with the average analyst estimate.
Up to Wednesday's close of C$10.41, the company's
Toronto-listed shares had fallen 34 percent this year, while its
U.S.-listed shares dropped 42 percent.
($1 = C$1.2971)