November 9, 2010 / 1:52 PM / 7 years ago

UPDATE 1-Canada's Grande Cache profit up on higher coal prices

* Q2 EPS C$0.14 vs C$0.09 last year

* Revenue jumps 81 pct

Nov 9 (Reuters) - Metallurgical coal mining company Grande Cache Coal Corp GCE.TO posted a more than 50 percent rise in quarterly profit, helped by higher selling prices, and said the market outlook for metallurgical coal continued to remain strong.

Calgary, Alberta-based Grande Cache said second-quarter net income rose to C$14.1 million, or 14 Canadian cents a share, from C$9.3 million, or 9 Canadian cents a share, last year.

Revenue rose to C$81.2 million, a jump of 81 percent from last year. Higher sales prices were the main contributor to revenue, the company said, adding the average selling price was C$185 a ton, up from C$124 a ton last year.

The average selling price of metallurgical coal, which accounted for 92 percent of the total sales volume, was C$193 a ton, the company added.

The company’s shares, which have gained 11 percent in value since it cut its full-year sales volume forecast by about 14 percent in October, closed at C$8.02 on Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

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