September 2, 2011 / 11:35 AM / 6 years ago

UPDATE 1-Com Dev posts Q3 profit, sees lower FY rev

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Sept 2 (Reuters) - Canadian satellite technology company Com Dev International Ltd reported a profit for the third quarter, helped in part by lower costs and a gain on foreign exchange, but said it expects revenue for the year to decline 5-7 percent.

“One area of the business that has performed below our expectations has been the civil space segment, which has been affected by a slowdown in near-term orders from our government customers,” Chief Executive Michael Pley said in a statement.

Civil space applications include space exploration, navigation, search and rescue, weather forecasting.

The May-July net profit attributable to shareholders was C$4.2 million ($4.3 million), or 5 Canadian cents a share, compared with a net loss of C$1.7 million, or 2 Canadian cents a share, a year ago.

Revenue fell nearly 4 percent to C$50.5 million.

Shares of the Cambridge, Ontario-based company closed at C$1.74 on Thursday on the Toronto Stock Exchange. ($1 = 0.976 Canadian Dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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