May 11, 2012 / 10:59 AM / in 6 years

Miranda Tech profit falls on forex losses

(Reuters) - Broadcast equipment maker Miranda Technologies Inc MT.TO reported a lower quarterly profit on foreign exchange losses.

The company’s net income fell to C$928,000 million, or 4 Canadian cents per share, for the first quarter, from C$2.3 million, or 11 Canadian cents per share, a year earlier.

Revenue rose 7 percent to C$42.4 million.

The company said costs rose 9 percent to C$16.5 million.

Miranda, which has operations in North America and Europe, said net finance expenses rose to C$1.9 million from $46,000 the year earlier.

The increase was largely due to unfavorable currency fluctuations in the quarter, Miranda said in a statement.

Miranda, founded 21 years ago by five engineers who picked the name because it could be pronounced by most languages around the world, provides hardware and software to broadcast, monitor and control television, cable, satellite and internet protocol TV networks.

The company also said reimbursement of liabilities related to cash-settled share-based payments rose to C$1.5 million from C$572,000 last year.

Miranda, which in March said it was in talks with potential strategic partners, said on Friday that no reportable event had yet occurred.

Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila

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