May 8, 2012 / 1:22 PM / 6 years ago

Wajax profit rises on strong demand

(Reuters) - Canada’s Wajax Corp (WJX.TO), an industrial equipment distributor, reported a higher first-quarter profit, helped by strong performance at all its three segments.

For the quarter ended March 31, net income rose to C$17.1 million ($17.2 million), or C$1.01 per share, from C$12.8 million, or 76 Canadian cents per share, a year ago.

Revenue jumped 18 percent to C$358.1 million.

Sales from its industrial components segment increased 16 percent to C$93.3 million, helped mainly by strong demand from the energy sector in western Canada.

Shares of the Mississauga, Ontario-based company, which also operates in the equipment and the power systems segments, closed at C$49.99 on Monday on the Toronto Stock Exchange. The stock has gained a fifth of its value over the past three months.

Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel

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