Aug 9 (Reuters) - E-commerce and technology services provider Points International Ltd’s quarterly profit rose, helped by its core segment.
The company, which operates the website points.com, said Loyalty Currency Services helped the results and it expects the segment to fuel growth for the rest of the year.
In this segment, the company distributes discount points to third-parties to use as customer or employee incentive.
Second-quarter net income rose to $501,000 million, or 3 cents per share, compared with $88,000, or 1 cent a share, a year ago.
The firm, whose partners include British Airways, Virgin Atlantic and StarBucks , said revenue rose 51 percent to $32.7 million.
“Revenue growth was led by increased transactional activity among our existing partners as well as new transactional products and partners added to our platform over the past twelve months,” Chief Executive Rob MacLean said in a statement.
The company, which forecast 2011 revenue at $120-130 million, above its 2010 estimate of $95 million, backed the forecast.
Shares of the Toronto-based company closed at C$8.40 on Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed and Maneesha Tiwari in Bangalore; Editing by Maju Samuel)