March 15, 2011 / 10:01 PM / 7 years ago

UPDATE 1-Timminco posts narrower Q4 net loss

* Q4 sales up 22 pct at C$31 mln (Follows alerts)

March 15 (Reuters) - Canada’s Timminco Ltd reported a narrower quarterly loss, helped by strong demand for its silicon metal product lines from chemical and aluminium industry customers.

The Toronto, Ontario-based company said silicon metal production for the year is essentially sold out and it is making efforts to reduce production costs.

October-December net loss was C$19.9 million, or 10 Canadian cents a share, down from net loss of C$69.4 million, or 48 Canadian cents a share, a year ago.

Timminco, which produces silicon metal for the chemical, aluminum and electronics/solar industries through its majority-owned joint venture Quebec Silicon, said sales rose 22 percent to C$31 million.

The sales reflected shipments of 25,730 metric tons (mt), compared with 15,753 mt last year, the company said in a statement.

Its shares, which have lost nearly 60 percent of their value in the past one year, closed at 51 Canadian cents on Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur; Editing by Maju Samuel)

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