December 15, 2011 / 2:28 PM / 7 years ago

UPDATE 1-Finning says strong commodity prices to boost 2012 profit

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Dec 15 (Reuters) - Finning International Inc, which sells, rents and services equipment, expects strong profit and revenue growth next year helped mainly by sizeable backlog and rising demand from the mining sector.

Revenue for the company, which has operations in western Canada, South America, Ireland and UK, is expected to grow in 2012 by about 5 percent and by about 10 percent in the next two years.

“Continued strong demand for our products and services gives us confidence in our top-line growth projections through 2014. Particularly in mining, we continue to see solid business opportunities driven by strong commodity prices,” said Mike Waites, Chief Executive of Finning International.

Capital expenditure for next year is expected to remain at similar level as 2011, the company said in a statement.

Vancouver, British Columbia-based Finning’s shares closed at C$23.32 on Wednesday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Gopakumar Warrier)

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