November 10, 2009 / 2:50 PM / in 8 years

UPDATE 2-Cinram profit rises, helped by forex gain

* Earnings per unit $0.17 vs $0.04

* Revenue down 14.7 percent at $351.2 million

* Units unchanged at C$2.17 on Toronto exchange (Adds details. In U.S. dollars unless noted)

TORONTO, Nov 10 (Reuters) - Cinram International Income Fund CRW_u.TO reported a higher quarterly profit on Tuesday as the Canadian CD and DVD replicator’s results were helped by a foreign exchange gain.

However, revenue plunged 14.7 percent to $351.2 million as sales dropped, both by volume and price.

The company’s business has been shaken as consumers flock to digital downloading of music and movies and away from buying hard copies on disc.

Cinram said sales in its home video business declined 7 percent in the quarter, while its CD replication and distribution revenue fell 26 percent.

Cinram also makes copies of video games. There, revenue fell 31 percent, “reflecting continued consumer spending declines in this segment of the market,” the company said.

The Toronto-based income trust said it earned $9.5 million, or 17 cents a unit, for the third quarter, up from $2 million, or 4 cents a unit, in the year-before quarter.

The lightly traded units were unchanged at C$2.17 on the Toronto Stock Exchange on Tuesday morning.

$1=$1.06 Canadian Reporting by Wojtek Dabrowski and Scott Anderson; editing by Peter Galloway

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