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

UPDATE 1-Genivar profit falls on higher expenses

(Follows alerts)

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below