March 17, 2009 / 3:10 PM / in 9 years

UPDATE 1-20-20 Technologies posts lower Q1 profit

* Q1 shr $0.01

* Q1 rev down 7 pct to $15.6 mln

* Shares up 10 percent

March 17 (Reuters) - Canada’s 20-20 Technologies Inc TWT.TO posted a lower first-quarter profit as a strong U.S. dollar took a big bite out of the company’s overall revenue.

The provider of 3D design and software solutions reported net income of $0.2 million, or 1 cent a share, compared with $0.5 million, or 3 cents a share, a year ago.

The latest quarter’s results took a hit of $1.3 million due to currency exchange rate fluctuations.

Revenue fell 7 percent to $15.6 million.

Two analysts expected earnings of 2 cents a share, before special items, on revenue of $19.7 million, according to Reuters Estimates.

The company said market conditions in North America deteriorated during the quarter, but its business abroad has not been impacted to the same extent.

Shares of the company rose nearly 10 percent at C$1.12 Tuesday on the Toronto Stock Exchange. They have lost nearly one third of their value in the last three months. (Reporting by Krishna Chaithanya and Ashutosh Joshi in Bangalore; Editing by Anil D’Silva)

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