February 26, 2009 / 2:47 PM / 9 years ago

UPDATE 1-Ritchie Bros. posts higher Q4 profit; shares rise

* Q4 adj EPS $0.18 vs. est. $0.17

* Q4 auction rev $81.7 mln

* Shares rise 5 pct

Feb 26 (Reuters) - Auctioneer of industrial equipment Ritchie Bros. Auctioneers Inc (RBA.TO) reported a 60 percent rise in quarterly profit, helped by a foreign exchange gain, sending its shares up 5 percent.

For the fourth quarter, the company posted earnings of $27.1 million, or 26 cents a share, compared with $17 million, or 16 cents a share, a year earlier. It recorded a foreign exchange gain of $11.1 million in the latest quarter.

    There were more than 277,000 bidder registrations at its unreserved industrial auctions in 2008, of which about 84,000 were successful buyers, Ritchie Bros. said in a statement.

    Shares of the company rose 5 percent to C$20.20 Thursday morning on the Toronto Stock Exchange.

    For alerts, double click [ID:nWNAB7308] (Reporting by Amulya Nagaraj in Bangalore; Editing by Deepak Kannan)

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