SouthGobi Resources Q2 net profit up on higher coal
(Reuters) - Canadian coal miner SouthGobi Resources Ltd (1878.HK: Quote) (SGQ.TO: Quote) posted a higher quarterly net profit, driven mainly by a rise in average realized coal prices.
The second-quarter net income was $67.3 million, 37 cents per basic share, compared with $53.3 million, or 29 cents per basic share, a year ago.
The company, which owns the Ovoot Tolgoi mine and two development projects in Mongolia, said revenue more than doubled to $47.3 million.
SouthGobi Resources, which sells metallurgical and thermal coal to customers in China -- one of the largest consumers of coal in the world, sold 1.05 million tons at an average realized price of $54 per tonne in the quarter, up from 450,000 tons at $42.63 per ton, last year.
Shares of the company closed at C$9.51 on Wednesday on the Toronto Stock Exchange.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)
The second-quarter net income was $67.3 million, 37 cents per basic share, compared with $53.3 million, or 29 cents per basic share, a year ago.
The company, which owns the Ovoot Tolgoi mine and two development projects in Mongolia, said revenue more than doubled to $47.3 million.
SouthGobi Resources, which sells metallurgical and thermal coal to customers in China -- one of the largest consumers of coal in the world, sold 1.05 million tons at an average realized price of $54 per tonne in the quarter, up from 450,000 tons at $42.63 per ton, last year.
Shares of the company closed at C$9.51 on Wednesday on the Toronto Stock Exchange.
(Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)
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