August 10, 2011 / 10:13 PM / 7 years ago

UPDATE 1-SouthGobi Resources Q2 net profit up on higher coal prices

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Aug 10 (Reuters) - Canadian coal miner SouthGobi Resources Ltd 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)

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