Feb. 2 (Bloomberg) -- Fording Canadian Coal Trust, the world's second-biggest exporter of coal used in blast furnaces, said it had a fourth-quarter profit compared with a loss a year earlier, before its conversion into an income trust.

The net income of C$31 million ($23.2 million) compared with a net loss of C$119 million in the fourth quarter of 2002, before the former Fording Inc. merged its mines with those of two rivals and converted from a corporation, the Calgary-based trust said in a statement on PR Newswire.

Fording Canadian reported full-year net income of C$243 million against a loss of C$71 million in 2002.

(Fording will conduct a conference call at 10 a.m. New York time tomorrow. To participate, dial (1) (800) 814-4857 or (1) (416) 640-1907.)

To contact the reporter on this story: Christopher Donville in Vancouver cjdonville@bloomberg.net

Last Updated: February 3, 2004 01:29 EST