* Q4 rev nearly doubles to C$46.4 mln
* Q4 production up 83.7 pct to 127,534 tonnes
* Shares down as much as 8 pct (Follows alerts)
March 15 (Reuters) - Asia Bio-Chem Group , which produces cornstarch and related products for the Chinese market, reported a higher quarterly profit, but it missed market estimates partly due to lower prices for its animal feed products and higher raw material costs.
For the fourth quarter, the Toronto, Ontario-based company posted a net income of C$2.9 million, or 3 Canadian cents a share, up from C$1.7 million, or 2 Canadian cents a share, a year ago.
Asia Bio-Chem, which has operations in the Liaoning and Heilongjiang provinces in China, said revenue for the quarter nearly doubled to C$46.4 million.
Analysts on average expected the company to earn 4 Canadian cents a share on revenue of C$55.32 million, according to Thomson Reuters I/B/E/S.
Total production increased by 83.7 percent to 127,534 tonnes.
Asia Bio-Chem also said it sees capital cost of about C$30 million and additional C$10 million of working capital for construction of a downstream production facility adjacent to its Daqing plant in Heilongjiang. It is expected to be completed in the fourth quarter.
Asia Bio-Chem shares were down 1.6 percent at C$1.23 in afternoon trading on Tuesday on the Toronto Stock Exchange. They touched a low of C$1.15, or 8 percent, earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel) (email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org)