August 13, 2009 / 2:01 PM / 8 years ago

UPDATE 1-Grande Cache Q1 profit up 50 pct

* Q1 EPS C$0.05 vs C$0.04 year ago

* Revenue up 81 pct to C$74.6 mln

Aug 13 (Reuters) - Canada’s Grande Cache Coal Corp GCE.TO posted a 50 percent increase in its quarterly profit, helped by a significant rise in spot sales, primarily into the Chinese market.

For the first quarter of fiscal 2010, the company reported net income of C$5.1 million, or 5 Canadian cents a share, compared with C$3.4 million, or 4 Canadian cents a share, a year ago.

Revenue of the company, which produces metallurgical coal for the steel industry, increased 81 percent to C$74.6 million.

Analysts on average were expecting earnings of 10 Canadian cents a share, excluding items, on revenue of C$80 million, according to Reuters Estimates.

The company said it is increasing its production levels to meet demand anticipated during the current fiscal year with further increases expected in the next year.

Grande Cache, which produces metallurgical coal for the steel industry, posted income from operations of C$10.7 million, compared with C$4 million a year ago.

Shares of the Calgary, Alberta-based company were up nearly 6 percent at C$4.10 in Thursday morning trade on the Toronto Stock Exchange. (Reporting by Sakshi A Mattoo in Bangalore; Editing by Maju Samuel)

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