August 25, 2011 / 2:53 PM / 6 years ago

5N Plus jumps as clean tech move boosts Q4 profit

Aug 25 (Reuters) - Shares of 5N Plus Inc rose as much as 19 percent on Thursday, a day after the Canadian speciality metals producer said its quarterly profit more than doubled as its move into the clean technology space paid off.

5N Plus, whose biggest customer is First Solar , said revenue rose by more than 500 percent to C$119.8 million

The Montreal, Québec-based company, which supplies cadmium telluride (CdTe) used to make thin-film solar panels, had bought Belgium’s MCP Group SA in February to boost its position in the solar, light-emitting diodes (LED) and other eco-friendly markets.

The company also said it would change its financial year-end to December from May.

Shares of 5N Plus were up 15 percent at C$8.22 in morning trade, making it one of the top percentage gainers on the Toronto Stock Exchange. They touched a high of C$8.50 earlier (Reporting by Ankur Banerjee in Bangalore; Editing by Gopakumar Warrier)

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