August 5, 2009 / 8:02 PM / in 9 years

Wajax Income Fund units tumble with profit

TORONTO, Aug 5 (Reuters) - Stock in Wajax Income Fund WJX_u.TO, which runs industrial equipment maker Wajax Industries, dropped more than 8 percent on Wednesday after the company reported its quarterly profit fell by more than half.

Wajax units were down 8 percent at C$17.73 on the Toronto Stock Exchange, paring deeper losses, after the Mississauga, Ontario-based company reported a second-quarter profit of C$9.8 million ($9.2 million), compared with C$20.0 million in the same period last year.

The company reported basic earnings per unit of 59 Canadian cents, compared with C$1.20 in the second quarter in 2008.

Wajax Income Fund is a distributor of mobile equipment, industrial components and diesel engines for the natural resources, construction, transportation, manufacturing, industrial processing and utilities sectors.

The company said its Mobile Equipment unit’s earnings declined to C$8.5 million from C$14.9 million in the quarter ended June 30, while the Industrial Components division’s profit fell to C$1.2 million from C$4.1 million and its Power Systems unit had earnings of C$2.4 million, compared with C$5.0 million.

For the six months to June 30, Wajax said its profit was C$19.1 million, down nearly 50 percent from C$38 million in the same period a year earlier.

$1=$1.07 Canadian Reporting by Pav Jordan; editing by Rob Wilson

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