March 10, 2009 / 9:20 PM / 9 years ago

UPDATE 1-Carmanah Technologies Q4 loss widens on charges

* Q4 loss/shr C$0.23 vs. loss C$0.11

* Results hit by C$10.1 mln in goodwill impairment charges

* Excl. items, posts profit of C$0.8 mln

* Sales up 21 pct to C$15.8 mln

March 10 (Reuters) - Canada’s Carmanah Technologies Corp (CMH.TO), a maker of solar-powered LED lights, posted a wider quarterly loss, hurt by higher goodwill impairment charges.

For the fourth quarter, Carmanah reported a loss of C$10 million ($7.79 million), or 23 Canadian cents a share, wider than a loss of C$4.6 million, or 11 Canadian cents a share, in year-ago quarter.

During the quarter, the company recorded a C$10.1 million impairment to and write-off of goodwill, compared with C$2.0 million in the year-earlier quarter.

Gross margin, however, increased to 33.8 percent from 18.7 percent last year, helped by continued focus on lean manufacturing and supply chain management, and increased sales of higher margin solar LED products.

The company said it expects gross margin to stabilize and improve in 2009 over 2008 levels.

Shares of the company closed at 61 Canadian cents Tuesday on the Toronto Stock Exchange. ($1=1.284 CANADIAN DOLLAR) (Reporting by R. Manikandan in Bangalore, Editing by Dinesh Nair) ((raman.manikandan@reuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:raman.manikandan.reuters.com@reuters.net))

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