October 8, 2009 / 7:47 PM / 8 years ago

UPDATE 1-Velan posts Q2 profit

* Q2 EPS C$0.34 vs yr-ago adj EPS C$0.06

* Q2 rev up 35 pct to C$117.6 mln

* Says Q2 bookings fall 49 pct

Oct 8 (Reuters) - Industrial valve maker Velan Inc (VLN.TO) posted a higher quarterly profit, helped by improved sales at its North American, German and UK operations. For the second quarter ended Aug. 31, the company earned C$7.6 million, or 34 Canadian cents a share, compared with C$1.3 million, or C$0.06 a share, it earned last year, after excluding a C$1.64 per-share gain from disposal of its interest in an Italian joint venture.

Revenue rose 35 percent to C$117.6 million.

One analyst was expecting earnings of 22 Canadian cents a share, on revenue of C$94.7 million, according to Thomson Reuters I/B/E/S.

The company said bookings during the quarter were down 49 percent from last year, excluding bookings of the Italian joint venture.

“If the current trend in order bookings continues we will have to take measures to reduce costs in line with the lower bookings,” the company’s President Tom Velan said in a statement.

Shares of the Montreal, Quebec-based company were up 10 Canadian cents at C$12.15 Thursday afternoon on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing By Ratul Ray Chaudhuri)

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