CALGARY, Alberta, May 9 (Reuters) - First-quarter profit at ShawCor Ltd SCLa.TO rose 16 percent as its pipeline and pipe service operation won more business.
ShawCor said on Friday its net income rose to C$27.1 million ($26.6 million), or 38 Canadian cents a share, in the quarter, up from C$23.3 million, or 31 Canadian cents, in the first quarter of 2007.
The result matched the average per-share profit forecast among analysts polled by Reuters Estimates.
ShawCor said the gain came as demand for its protective pipeline coatings rose in the quarter, with revenue at its pipeline and pipe services units rising 40 percent to C$255.8 million because of large-diameter pipeline projects in North America and a new facility it opened in Alberta.
The company’s total revenue in the quarter rose 33 percent to C$293.4 million.
ShawCor’s class A shares were down 30 Canadian cents at C$30.85 at midday on Friday on the Toronto Stock Exchange. The shares have risen 4.5 percent over the past 12 months. ($1=$1.01 Canadian) (Reporting by Scott Haggett; Editing by Peter Galloway)