July 30, 2009 / 9:32 PM / 9 years ago

UPDATE 1-Samuel Manu-Tech posts Q2 loss

* Q2 loss C$0.31 vs profit C$0.37 last year

* Revenue falls 39 pct to C$157.6 mln

* Does not expect to be profitable until next year

July 30 (Reuters) - Canada’s Samuel Manu-Tech Inc (SMT.TO) swung to a second-quarter loss, hurt by lower volumes and selling prices, and said it does not expect to return to profitability until next year.

The company, however, forecast a substantially narrower loss in the third quarter, compared to the first and second quarters.

Samuel Manu-Tech — which suspended its dividend and said in June it was aggressively reducing costs, including job cuts —does not expect a material improvement in market demand in the North American economy until late 2010.

The company reported a net loss of C$10.0 million ($9.2 million), or 31 Canadian cents a share, compared with a profit of C$12.1 million, or 37 Canadian cents a share, last year.

The processor of steel, plastic and related industrial products said revenue fell 39 percent to C$157.6 million.

Working capital declined to C$199.9 million from C$300.1 million at Dec. 31, 2008.

Samuel Manu-Tech shares, which have gained about 6 percent in the past month, closed at C$3.76 Thursday on the Toronto Stock Exchange.

$1=1.082 Canadian Dollar Reporting by Krishna Chaithanya in Bangalore; Editing by Anne Pallivathuckal

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