June 9, 2009 / 1:09 PM / in 9 years

UPDATE 1-ADF Group posts Q1 profit below Street view

* Q1 EPS C$0.06 vs yr ago C$0.09

* Revenue drops 33 pct

June 9 (Reuters) - ADF Group Inc DRX.TO, which makes steel superstructures for building constructions, posted a 31 percent drop in quarterly profit, hurt mainly by higher income tax rates and amortization expenses.

For the first quarter ended April 30, net income was C$2.2 million ($1.98 million), or 6 Canadian cents a share, compared with C$3.2 million, or 9 Canadian cents a share, a year earlier.

Revenue fell 33 percent to C$16.8 million.

Analysts on average were expecting earnings of 8 Canadian cents a share, on revenue of C$25.5 million, according to Reuters Estimates.

The company said its amortization expenses rose 23.7 percent to C$737,000. Effective income tax rates shot up to 43.8 percent from 37.2 percent a year ago.

ADF Group’s gross margin was 32 percent of revenue, compared with 28 percent a year earlier.

Shares of the Terrebonne, Quebec-based company closed at C$2.60 Monday on the Toronto Stock Exchange. ($1=1.111 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

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