June 30, 2010 / 1:20 PM / 7 years ago

UPDATE 1-Labrador Iron reports full-year profit on tax gain

* Fiscal 2010 profit C$0.03 vs yr-ago loss C$0.01/shr

* Says full-scale production to begin April 2011

TORONTO, June 30 (Reuters) - Canada’s Labrador Iron Mines Holdings Ltd LIM.TO reported a full-year profit on Wednesday following a one-time tax recovery.

Net income for the period ending March 31 came in at C$1.16 million, or 3 Canadian cents a share, compared with a loss of C$350,000, or 1 Canadian cent.

The company said profit was boosted by future income tax recovery of C$3.9 million that reflected a reduction in the Ontario tax rate.

Labrador Iron’s operations are focused on the Schefferville Area Project in the Labrador Trough in Eastern Canada.

The company plans to begin full-scale production in April 2011 and sees production of 2 million tonnes of iron ore that calendar year.

The company’s shares closed at C$4.90 on Tuesday on the Toronto Stock Exchange.

Reporting by Julie Gordon

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