March 4, 2009 / 11:01 PM / 9 years ago

UPDATE 1-Marsulex posts lower Q4 profit

* Q4 shr C$0.09 vs C$0.22 last year * Revenue up 2.9 percent * Says continue to explore acquisition opportunities * Says looking to reduce costs

March 4 (Reuters) - Canada’s Marsulex Inc MLX.TO posted a fourth-quarter profit that fell more than 50 percent from last year hurt by higher costs and asset impairment charges .

The provider of environmental compliance solutions reported net income of C$3.2 million ($2.50 million), or 9 Canadian cents a share, compared with C$7.4 million, or 22 Canadian cents a share for the prior year period.

Cash dividend per share rose to C$0.16 from C$0.15 last year.

Selling, general, administrative and other expenses totalled C$12.3 million, and charges for asset impairment were C$1.8 million for the quarter.

Revenue increased 2.9 percent to C$75.1 million reflecting higher revenues from hazardous waste processing and sulphur products sales.

Analysts expected earnings of 15 Canadian cents a share, excluding exceptional items, on revenue of C$83.13 million, according to Reuters Estimates.

Marsulex said continued weaknesses in commodity prices have affected its near term growth prospects with suspension of certain customer expansion projects.

In addition, the company said it was assessing opportunities to streamline its operating model, strengthen its resources and reduce costs.

Marsulex shares, which have lost more than 31 percent of their value in the last six months, closed up 14 Canadian cents at C$8.40 Wednesday on the Toronto Stock Exchange. ($1=1.279 Canadian Dollar) (Reporting by Krishna Chaithanya in Bangalore, Editing by Dinesh Nair)

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