July 29, 2009 / 4:47 AM / 9 years ago

UPDATE 1-Canada's Ballard Power swings to Q2 profit

* Q2 EPS 1 cent vs loss of 16 cents/shr yr ago

* Q2 adjusted loss 11 cents/shr, lower than analyst estimates

* Q2 revenue $13.1 mln; sees FY ‘09 rev $50 mln-$60 mln

(Adds details, figures in U.S. dollars)

July 29 (Reuters) - Canadian fuel-cell maker Ballard Power Systems BLD.TO swung to a quarterly profit, mainly boosted by one-time gains from dissolving its joint venture with Japan’s Ebara Corp (6361.T).

For the quarter ended June 30, the company posted a net profit of $1.0 million, or 1 cent per share, compared with a net loss of $13.5 million, or 16 cents per share, a year ago.

The quarterly results include a non-cash gain of $10.8 million related to the discontinuation of operations in EBARA Ballard Corporation, the company said in a statement.

Excluding these gains, Ballard posted a quarterly loss of $9.6 million, or 11 cents a share, compared with analysts expectations of a loss of 13 cents a share, according to Reuters Esimates.

Revenue rose to $13.1 million from $12.4 million a year ago and compared with analysts estimates of $15.7 million, according to Reuters Estimates.

For the full year, Ballard expects revenues of $50 million to $60 million compared with analyst estimates of $67.2 mln.

The company’s shares ended 1 percent lower at C$1.2, while the Toronto Stock Exchange Small Cap Index .SPTSES lost 1.5 pct on Tuesday. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anshuman Daga)

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