May 1, 2012 / 10:20 PM / in 6 years

UPDATE 1-MacDonald, Dettwiler and Associates profit rises

May 1 (Reuters) - Surveillance and satellite imaging company MacDonald, Dettwiler and Associates Ltd posted an 18 percent rise in first-quarter profit, helped in part by a foreign exchange gain.

January-March earnings from continuing operations was C$33.4 million, or C$1.05 per share, compared with earnings of C$28.2 million, or 69 Canadian cents per share, a year ago.

Revenue fell 17 percent to C$172 million.

MacDonald, Dettwiler and Associates warned last July that revenue could be flat in 2012 as governments cut spending and project delays.

For the quarter, foreign exchange gain on translation of intercompany balances rose 143 percent to C$3.4 million.

Shares of the company, which has a market capitalization of $1.46 billion, closed at C$43.76 on Tuesday on the Toronto Stock Exchange.

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