February 16, 2012 / 2:32 PM / 6 years ago

UPDATE 1-Finning profit rises on higher new equipment sales

Feb 16 (Reuters) - XFinning International Inc , which sells, rents and services heavy equipment, posted a 29 percent rise in quarterly profit on higher new equipment and product support sales.

Fourth-quarter net income rose to C$71 million, or 41 Canadian cents per basic share, from C$55 million, or 32 Canadian cents per basic share, last year.

Revenue for Finning, the largest dealer of Caterpillar equipment, rose 34 percent to C$1.81 billion.

The company, which has operations in western Canada, South America, Ireland and UK, said new equipment revenue rose 58 percent to C$990 million while product support revenue rose 10 percent to C$642.6 million

Shares of the company, which have gained 44 percent in the past four months, closed at C$26.75 on Wednesday on the Toronto Stock Exchange.

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