April 28, 2011 / 2:38 PM / 7 years ago

Aastra Tech shares tumble as Q1 profit plunges

April 28 (Reuters) - Shares of Aastra Technologies fell 15 percent on Thursday, a day after the Canadian telecom equipment maker’s quarterly profit plummeted by nearly 96 percent, as a stronger Canadian dollar hurt results.

For the first quarter, the company earned C$184,000 ($193,643), compared with C$4.1 million a year ago. Revenue fell 5 percent to C$162.7 million.

Aastra sells Internet protocol-based and traditional communications networking products and systems such as telephone terminals and servers. Its customers are mostly small and mid-sized businesses around the world, and Germany is its biggest market.

The company recorded a C$1.9 million foreign exchange loss in the quarter, mainly affected by a weakness in the euro and the U.S. dollar.

Shares of Toronto-based Aastra fell C$3.79 to C$20.91 in early trade on the Toronto Stock Exchange. The stock, which touched a more than two-month low, was the biggest loser on the exchange.

$1 = 0.950 Canadian Dollars Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel

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