Labrador Iron Ore Royalty Corp said that higher royalty revenue as a result of increased production helped boost profits by more than 15% in the third quarter.

The Toronto-based concern, which owns a 15.1 stake in the Iron Ore Company of Canada said that its net income in the three months ended September 30 was USD 76.3 million. That compared with USD 65.4 million o in the same 2010 period. Its revenue rose to USD 54.9 million from USD 40.9 million.

The royalty company said the increased was mainly due increased production in the quarter that resulted in IOC having more product available for sale.

(Sourced from Canadian Press)