Western Canadian profit plunges 94%

摘要

Coking coal producer Western Canadian Coal (WCCC) saw profit fall 94% in the quarter to the end of June, on weaker pricing and lower sales levels. The company's net income for the quarter was 3.4 million Canada dollars (3.06 million dollars), or 0.02 Canada dollars a share, on revenue of 75.7 million Canada dollars. This compared to net income in the same quarter last year of 59.71 million Canada dollars, or 0.42 Canada dollars a share, on revenue of 130.39 million dollars. Average sales prices plummeted 33.49% year-on-year to 147 dollars/t, against 221 dollars/t in the same three months of last year, while the latest quarters figure would have been even lower had it not been for the presence of some carryover tonnes from the previous year at 2008 prices.