August 12, 2011 / 12:42 PM / in 7 years

UPDATE 1-Ag Growth profit rises, sees difficult H2

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Aug 12 (Reuters) - Ag Growth International Inc , a maker of portable grain handling equipment, reported a 3 percent rise in second-quarter profit, but said it expects the second half of the year to be difficult.

There is a risk of crop deterioration due to a prolonged heat wave in the United States, the company said in a statement.

The result of a regional 2010 drought is leading to extremely aggressive pricing in the marketplace in a period of higher than historical steel costs, it added.

For the April-June quarter, net income was C$12.0 million ($12.1 million), or 91 Canadian cents a share, compared with C$11.6 million, or 86 Canadian cents a share, a year ago.

Trade sales for the Winnipeg-based company — which recently won projects in Russia, Eastern Europe and Latin America — rose 16 percent to C$86.1 million, driven by strength in commercial grain handling.

Shares of the company closed at C$40.44 on Thursday on the Toronto Stock Exchange. ($1 = 0.991 Canadian Dollars) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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