Toromont's profit rises on demand for power, mining equipment

Tue Jul 31, 2012 12:29pm EDT
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(Reuters) - Canadian industrial equipment supplier Toromont Industries Ltd (TIH.TO: Quote) reported an 8 percent increase in second-quarter profit on higher bookings for mining and power systems.

The company's net income from continued operations rose to C$25.7 million, or 33 Canadian cents per share, from C$23.7 million, or 30 Canadian cents per share, a year earlier.

Revenue for the Concord, Ontario-based company rose 9 percent to C$379.6 million.

Revenue from Toromont's equipment business, which sells, rents and services a broad range heavy construction and industrial equipment such as those from Caterpillar Inc (CAT.N: Quote), increased 16 percent to C$334 million.

Bookings in the segment were up 26 percent at C$195 million during the quarter, the company said in a statement.

The refrigeration business, which designs, engineers, fabricates and installs refrigeration systems, recorded a revenue of C$45 million, down 18 percent, from last year.

Shares of the company, which has a market value of C$1.60 billion, were flat at C$20.97 on Tuesday afternoon on the Toronto Stock Exchange.

(Reporting By Krithika Krishnamurthy in Bangalore; Editing by Sreejiraj Eluvangal)