August 11, 2009 / 9:21 PM / in 8 years

UPDATE 1-Seacliff Construction Q2 profit up 22 pct

* Q2 EPS C$0.21 vs C$0.17 yr ago

* Consolidated revenue up 22 pct

* Adjusted EPS C$0.31

Aug 11 (Reuters) - Canada’s Seacliff Construction Corp SDC.TO reported a 22 percent rise in quarterly profit, driven by a number of higher margin contracts that were carried forward from last year.

“A significant carry-forward of complex, higher-margin contracts from 2008, together with improvements in project management, contributed to a strong performance,” Chief Executive Bill Crarer said in a statement.

The company also said its cash and cash equivalents of C$89.5 million and working capital of C$81.6 million as at June 30, put it in a better position to pursue large-scale projects and suitable acquisition targets.

For the second quarter, the company reported net income of C$4.4 million ($4 million), or 21 Canadian cents a share, compared with C$3.6 million, or 17 Canadian cents a share, a year earlier.

Excluding items, earnings were 31 Canadian cents a share that topped analysts’ estimates by 6 cents.

Revenue rose 22 percent to C$152.7 million, Analysts were expecting revenue of C$129.4 million, according to Reuters Estimates.

Shares of the Vancouver, British Columbia-based company closed at C$7.45 Monday on the Toronto Stock Exchange.

$1=1.099 Canadian dollar Reporting by Koustav Samanta in Bangalore; Editing by Anil D'Silva

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