May 12, 2011 / 12:01 PM / 6 years ago

UPDATE 1-Neo Material Q1 profit more than doubles

* Q1 EPS $0.27 vs $0.10 year ago

* Rev rises 30 pct (Follows alerts)

May 12 (Reuters) - Canada's Neo Material Technologies Inc , which operates rare-earth processing plants in China, reported a higher first-quarter profit, helped by strong performance at both its segments.

January-March profit was $31.9 million, or 27 cents a share, compared with $12.4 million, or 10 cents a share, last year.

Revenue rose 30 percent to $132.8 million.

The company said revenue at its Magnequench division, which makes magnetic powders used in the production of precision motors and sensors, rose 16 percent to $55.1 million.

Revenue at its materials division jumped 37 percent to $83.6 million.

Shares of the Toronto-based company closed at C$10.07 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Maju Samuel)

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