March 6, 2012 / 3:28 PM / 6 years ago

UPDATE 1-Wajax 4th-qtr profit rises, hikes dividend

March 6 (Reuters) - Canada’s Wajax Corp, an industrial equipment distributor, reported a 5 percent rise in fourth-quarter profit helped by strong performance across all segments, and increased its monthly dividend.

Wajax shares rose 5.5 percent to a nearly six-year high of C$46.50 in morning trade on the Toronto Stock Exchange.

The company, which distributes mobile equipment, industrial components and power systems, raised its monthly dividend by 35 percent to 27 Canadian cents per share.

Fourth-quarter net income rose to C$16.6 million ($16.7 million), or 98 Canadian cents per share, from C$15.8 million, or 93 Canadian cents per share, a year ago.

Revenue rose 19 percent to C$377.2 million.

Sales from its industrial components segment rose 16 percent to C$90.2 million on strong demand from energy, mining and industrial customers, with particular strength in western Canada. (Reporting by Maneesha Tiwari in Bangalore; Editing by Gopakumar Warrier)

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