(Reuters) -Canadian miner Teck Resources Ltd, the target of an unsolicited takeover bid by Glencore, narrowly missed first-quarter estimates on Wednesday, hit by lower product prices, weak copper and zinc sales and higher expenses.
Teck reported an adjusted profit of C$1.81 per share for the three months ended March 31, compared with the average analyst estimate of C$1.82, according to Refinitiv IBES data.
Teck has repeatedly rejected approaches from Swiss commodities giant Glencore and has pushed ahead with its own proposed restructuring plan that would lead to a spinoff of its metallurgical coal business and a focus on copper and zinc.
Some Teck shareholders have already cast their votes on the miner's proposal to split its coal and metals businesses. The results are scheduled to be released at the annual general meeting later in the day, which could still be halted if the company thinks the vote is not in its favour.
Glencore has said that there is no deal if shareholders vote in favor of Teck's split. Canada's largest pension fund CPPI voted against the split over the weekend then changed its vote to favour the move, according to its website.
Teck's quarterly gross profit for its copper business unit fell 42.1% due to a drop in sales volumes and average realized copper prices.
Copper prices fell about 10% during the first quarter, pressured by a slower-than-expected economic rebound in top consumer China and signs of a global economic slowdown.
Teck reported a revenue decline of 18% to C$3,785 million.
(Reporting by Mrinalika Roy and Jyoti Narayan in Bengaluru, additional reporting by Clara Denina in London; Editing by Sriraj Kalluvila, Savio D'Souza and Rashmi Aich)
