August 4, 2009 / 8:38 PM / 9 years ago

UPDATE 1-Miranda Technologies posts lower Q2 profit

* Q2 earnings C$0.06/shr vs C$0.16/shr year-ago

* Q2 rev C$31.1 mln vs C$34.2 mln year-ago

Aug 4 (Reuters) - Canada’s Miranda Technologies Inc MT.TO reported a 68 percent drop in quarterly profit as the broadcast equipment maker continued to be hurt by weaker demand for its products amid global downturn.

For the second quarter, the company reported net income of C$1.3 million, or 6 Canadian cents a share, down from C$4.1 million, or 16 Canadian cents a share, a year ago.

Sales fell 9 percent to C$31.1 million as quarterly sales volumes, excluding foreign exchange, declined about 18 percent.

Excluding a restructuring charge of about C$0.7 million, the company earned 8 Canadian cents per share.

Analysts on average expected earnings of 10 Canadian cents a share, excluding items, on revenue of C$36.4 million, according to Reuters Estimates.

Shares of the Montreal-based company closed at C$4.97 Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anil D’Silva)

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