March 16, 2011 / 1:58 PM / in 7 years

UPDATE 1-Genivar profit falls on higher expenses

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March 16 (Reuters) - Canada’s Genivar Inc reported a 64 percent drop in quarterly profit due to higher expenses and said its international operations faced a tough environment.

The company reported a net income of C$2.9 million, or 16 Canadian cents per unit, compared with C$8.2 million, or 47 Canadian cents per unit, a year ago.

Adjusted distributable cash per unit fell to 60 Canadian cents per share from 64 Canadian cents per share a year ago.

Total revenue for the company, which provides engineering services, rose 15 percent to C$154.7 million.

A future income tax liability of C$5.8 million, or 32 Canadian cents per unit was registered in the quarter, the company said in a statement.

Shares of the Montreal-based company, which converted from an income fund to a corporation, were down 29 Canadian cents at C$31.30 on Wednesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)

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