UPDATE 1-Sherritt's profit lifted by coal, oil business
Wed Oct 26, 2011 8:03am EDT
Oct 26 (Reuters) - Diversified miner Sherritt International Corp said on Wednesday its third-quarter profit more than doubled, as strength in its coal and oil business offset price declines in nickel and cobalt.
Net income in the quarter ended Sept. 30 rose to C$45.5 million, or 15 Canadian cents a share, up from a year-earlier profit of C$22.5 million, or 7 Canadian cents.
Quarterly revenue rose 13 percent to C$466.4 million.
The company said primary construction at its Ambatovy nickel project in Madagascar is complete with all major process plant modules having been turned over to commissioning teams.
Sherritt said all areas of the project are either in pre-commissioning, commissioning, or start-up phase, and first production is expected to begin in the first-quarter of 2012.
