February 24, 2011 / 12:28 PM / in 7 years

UPDATE 1-Ritchie Bros Auctioneers Q4 profit falls

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Feb 24 (Reuters) - Industrial auctioneer Ritchie Bros Auctioneers Inc reported a 38 percent fall in fourth-quarter profit, hurt by a drop in auction revenue, but expects the used equipment market to return “to a more balanced state” in 2011.

The Canadian company, which auctions industrial equipment and trucks, said auction revenue fell 9 percent to $88.3 million.

Net income fell to $13.5 million, or 13 cents a share, from $21.8 million, or 21 cents a share, last year. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian)

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