May 12, 2011 / 12:46 PM / 7 years ago

UPDATE 1-SouthGobi Resources Q1 loss narrows on higher prices

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May 12 (Reuters) - Canadian Coal miner SouthGobi Resources Ltd posted a narrower quarterly loss, helped by an increase in selling price for coal.

The company, which owns the Ovoot Tolgoi Mine and two development projects in Mongolia, sees sales volumes of 0.6-1.3 million tonnes in the current quarter.

It expects selling prices to remain the same sequentially.

SouthGobi Resources, which sells metallurgical and thermal coal to customers in China — one of the largest consumers of coal in the world, shipped 0.45 million tons at an average realized price of $50 per tonne in the quarter, up from 0.43 million tons at $36 per ton, last year.

For the January-March quarter, the company posted a net loss of $46.6 million, or 25 cents a share, against last year’s $168.3 million, or $1.09 a share.

Revenue jumped 44.8 percent to $20.2 million.

Shares of the company closed at $10.89 on Wedneday on the Toronto Stock Exchange. (Reporting by Swetha Gopinath in Bangalore; Editing by Jarshad Kakkrakandy)

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