UPDATE 1-Western Canadian Coal posts Q4 profit

Thu Jun 25, 2009 11:28pm BST
 
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* Q4 EPS C$0.23 vs yr-ago loss C$0.33/shr

* Revenue up 48 pct to C$111.7 mln

* Expects to sell about 2.2 mln tonnes of coal in 2010

June 25 (Reuters) - Metallurgical coal producer Western Canadian Coal Corp (WTN.TO) (WTN.L) posted a fourth-quarter profit as strong coal prices boosted revenue.

For the fourth quarter ending March 31, Western Canadian earned C$47.6 million ($41.14 million), or 23 Canadian cents per share, compared with a net loss of C$37.8 million, or 33 Canadian cents per share, a year ago.

Two analysts were expecting earnings of 13 Canadian cents a share, according to Reuters Estimates.

Revenue rose 48 percent to C$111.7 million.

Quarterly coal production dropped 28 percent to 501,000 tonnes. Cash costs, however, climbed to C$136 per tonne as compared to C$95 per tonne in the year-ago quarter, due to higher stripping ratios.

Average realized price of C$316 per tonne was 263 percent higher than the same quarter of 2008, the company said.  Continued...

 

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