Western Canadian Coal profit up with coal prices
Last Updated: Thursday, June 25, 2009 | 6:34 PM ET
CBC News
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Higher coal prices boosted profit at Western Canadian Coal, even though the Vancouver-based company reported a big drop in shipments in its fourth quarter.
Shipments for the three months ended March 31 were down 60 per cent to 346,000 tonnes, compared with the 2008 fourth quarter.
But the average price of $316 per tonne was 263 per cent higher, the company said Thursday.
Favourable exchange rates also helped, Western said in a news release.
Profit for the fourth quarter was $47.6 million (23 cents a diluted share), compared with a loss of $37.8 million (33 cents) in the year-earlier quarter.
Revenue was $111.7 million, compared with $75.3 million.
Profit for the full year was $214.5 million ($1.14 a diluted share), compared with a loss of $106 million (95 cents) in fiscal 2008.
Revenue was $2.04 billion, compared with $3.04 billion.
The company said its shareholders approved a merger with its biggest shareholder, Cambrian Mining Plc, on Wednesday.
The deal will create a larger company with operations in three regions, diversified products, cost savings and higher reserves and resources.
Western Canadian stock closed up 19 cents at $1.99 in TSX trading. The 52-week range is 36 cents $9.78.
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