August 12, 2009 / 8:45 PM / 9 years ago

UPDATE 1-Vector Aero profit slips on foreign exchange loss

* Q2 EPS C$0.21 versus C$0.22 a year ago

* Revenue up 6.4 percent at C$147 million

TORONTO, Aug 12 (Reuters) - Aviation repair company Vector Aerospace RNO.TO reported a lower quarterly profit on Wednesday that was mainly the result of a foreign exchange loss.

Vector said it earned C$7.9 million ($7.2 million), or 21 Canadian cents a share, for the second quarter, down from C$8.4 million, or 22 Canadian cents, a year earlier.

Two analysts had expected, on average, earnings of 25 Canadian cents a share for the quarter ended June 30, according to Reuters Estimates.

Vector said it recorded a C$2 million foreign exchange loss in the quarter, compared with a C$500,000 foreign exchange gain in the second quarter of 2008.

The company’s net earnings from continuing operations before interest, income taxes, foreign exchange gains/losses and unusual items were C$14.3 million, compared with C$12.2 million a year earlier. It said the increase was largely a result of strong airframe project completions and improved results from its British helicopter repair division, which it acquired in April 2008.

The company said it expects the second half of 2009 to be similar to the first half of the year, assuming stable foreign exchange rates.

Vector, which services both commercial and military markets, has operating facilities in Canada, the United States, Britain and South Africa.

The Toronto-based company reported its results after the market close. Its lightly traded shares ended up 3 Canadian cents, or 0.5 percent, at C$6.70 on the Toronto Stock Exchange on Wednesday. ($1=$1.09 Canadian) (Reporting by John McCrank; editing by Peter Galloway)

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