March 15 (Reuters) - Telecommunications services provider and mobile phone retailer Glentel Inc posted a fourth-quarter profit that missed analysts’ estimates, sending its shares down as much as 15 percent in early morning trade.
The company said its retail division was impacted by “the absence of a top selling smartphone in its product lineup introduced to the market in the fourth quarter of 2011.”
For the quarter, the company earned C$9.7 million, or 43 Canadian cents a share, down from C$10.7 million, or 48 Canadian cents a share, a year ago.
Revenue for the company, which operates 313 stores across Canada, rose 8 percent to C$174.9 million.
Analysts, on average, had expected adjusted earnings of 59 Canadian cents per share on revenue of C$174.4 million, according to Thomson Reuters I/B/E/S.
Shares of the Burnaby, British Columbia-based company were trading down about 11 percent at C$20.05 on Thursday and were one of the top percentage losers on the Toronto Stock Exchange. (Reporting by Shounak Dasgupta in Bangalore; Editing by Supriya Kurane)