* Q2 EPS C$0.01 vs. C$0.24 last year
* Revenue down 36 pct * Shares down 3 pct
Nov 13 (Reuters) - Metallurgical coal producer Western Coal WTN.TO reported a 95 percent slump in its second-quarter profit, hurt by weak coal prices.
For the second quarter ended Sept. 30, the company posted net income of C$2.2 million ($2.09 million), or 1 Canadian cent per share, down from C$44.7 million, or 24 Canadian cents per share, last year.
Revenue fell 36 percent to C$107.6 million.
Analysts on average expected breakeven per share, before items, on revenue of C$102.2 million, according to Thomson Reuters I/B/E/S.
The decrease in sales price is a result of lower coal contract prices for fiscal 2010, which are $126 per ton for hard coking coal and $90 per ton for ultra-low volatile Pulverized Coal Injection, compared with $300 per ton and $248 per ton, respectively, for fiscal 2009, the company said in a statement.
Total production was 97,000 tons lower than in the comparable period in the prior year due to a reduction in the production rates at the Canadian operations in response to the economic downturn, Western Coal said.
The company expects to ship 1.3 to 1.4 million tons from its Canadian operations at sales price of $115 to $118 per ton, with cash costs of C$95 to C$100 per ton, for the second half of fiscal 2010.
Also, it expects its U.S. operations to ship 650,000 short tons of coal at an average price of $80 to $85 per short ton with average cash costs of $70 to $75 per short ton for the second half.
Shares of Western Coal were down 8 Canadian cents at C$2.69 Friday morning on the Toronto Stock Exchange. ($1=1.052 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Unnikrishnan Nair)