August 12, 2011 / 5:38 PM / 7 years ago

UPDATE 1-Toromont Q2 profit jumps on higher rentals

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Aug 12 (Reuters) - Toromont Industries Ltd , a Canadian industrial equipment supplier, posted a seven-fold rise in quarterly profit, helped by higher new machine sales and rental revenue, sending its shares to a week’s high.

The company also raised its quarterly dividend by 10 percent to 11 Canadian cents a share.

For the second quarter, Toromont earned C$159.7 million ($161.2 million), or C$2.06 a share, compared with C$21.9 million, or 28 Canadian cents a share, a year ago.

The company, which sells, rents and services a broad range of Caterpillar heavy construction and industrial equipment, posted a 9 percent rise in revenue at C$344.6 million.

Shares of the company were up 64 Canadian cents, or 4 percent, at C$17.65 in afternoon trading on Friday on the Toronto Stock Exchange. They touched a high of $C17.77 earlier in the day.

$1 = 0.991 Canadian Dollars Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel

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