March 9, 2009 / 10:16 PM / 9 years ago

UPDATE 1-Hammond Power Solutions Q4 profit surges

* Q4 profit surges 259 pct

* Sales jumps 70.5 pct to C$65.1 mln

* Gross margin 31.7 pct vs. 30 pct last year

* Higher sales, margins, product mix help results

March 9 (Reuters) - Canadian transformer maker Hammond Power Solutions Inc (HPSa.TO) posted a more than three-fold rise in quarterly profit, helped by higher sales, selling price increases and a weak Canadian dollar.

For the fourth quarter, net earnings climbed to C$9.8 million ($7.57 million), or 82 Canadian cents a share, from C$2.7 million, or 23 Canadian cents a share, a year earlier.

The company benefited from the strong demand for resources, as well as infrastructure investments in North America and abroad, CEO Bill Hammond said in a statement.

The company’s shares, which have shed 52 percent over the past six months, closed at C$7.26 Monday on the Toronto Stock Exchange. ($1=1.295 Canadian Dollar) (Reporting by R. Manikandan in Bangalore; Editing by Deepak Kannan)

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