Nov 9 (Reuters) - Opta Minerals posted a smaller third-quarter net profit, hurt by an uncertain economy, a foreaign exchange loss, and weak demand at its abrasives segment.
July-September net earnings were $628,000, or 3 cents a share, compared with $1.54 million, or 8 cents a share, a year ago.
“Most of this decrease is the result of an uncertain economic environment, a decrease in demand for metallurgical slags in the abrasives segment,” Waterdown, Ontario-based Opta said in a statement.
The company had a foreign exchange gain of $1 million in the year-ago quarter.
Revenue, however, rose 18 percent to $24.1 million.
The company’s products are mainly used in the steel, foundry, water-jet cutting and similar industries, and it has facilities in Canada, the United States, France and Slovakia.
Shares of the company have risen about 8 percent since Sept. 7, when it said it was reviewing strategic alternatives. The stock closed at C$2.25 on Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)