June 9, 2011 / 2:04 PM / 7 years ago

UPDATE 1-Ag Growth Q1 profit up; sees higher sales from western Canada

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June 9 (Reuters) - Ag Growth International Inc reported an 8 percent rise in first-quarter profit and the Canadian maker of portable grain handling equipment said it expects a significant contribution from its expanded product line in the second half.

Although a late spring and excessive moisture in certain areas resulted in planting delays, the company expects sales levels in western Canada to exceed in the second half compared with last year.

The company reported a net income of C$4.7 million, or 38 Canadian cents a share, compared with C$4.4 million, or 33 Canadian cents a share, a year ago.

Sales for the Winnipeg-based company rose 28 percent to C$67.1 million.

Shares of the company were down 17 Canadian cents at C$46.54 on Thursday morning on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Roshni Menon)

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