August 2, 2011 / 6:43 PM / 6 years ago

UPDATE 1-Velan posts lower Q1 profit

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Aug 2 (Reuters) - Industrial valve maker Velan Inc posted a lower first-quarter profit hurt by a stronger Canadian dollar.

Net profit fell to $100,000, or 1 cent per share, from $4.7 million, or 21 cents per share, in the year-ago quarter.

Backlog for the quarter was up 25 percent to $600 million.

Sales in the quarter rose 17 percent to $105 million.

Shares of the Montreal, Quebec-based company closed at C$14 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Sriraj Kalluvila)

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