November 14, 2008 / 1:00 PM / in 9 years

CORRECTED-(OFFICIAL)-UPDATE 1-Aeroplan profit rises

(Company corrects earnings figures. Revises year-prior figures to show third-quarter net income rose instead of fell. Removes adjusted net earnings from fourth paragraph and reward costs from sixth paragraph)

TORONTO, Nov 14 (Reuters) - Groupe Aeroplan Inc AER.TO said on Friday its third-quarter profit rose 8.4 percent as it expanded its operations with the purchase last year of British loyalty firm LMG.

Aeroplan, best known as the operator of Air Canada’s ACa.TO frequent flier program, earned C$35 million ($28.7 million), or 18 Canadian cents a share, up from C$32.3 million, or 16 Canadian cents, in the third-quarter of 2007.

Three analysts, on average, had expected earnings of 17 Canadian cents a share, according to data compiled by Reuters Estimates.

Revenues rose 53 percent to C$335 million.

Gross billings from the sale of its miles and points rose 50.1 percent to C$355.6 million. The company said that was largely due to the inclusion of the consolidated results of recently acquired Loyalty Management Group, which runs the Nectar rewards program in Britain.

In May, ACE Aviation Holdings Inc ACEa.TO, Air Canada’s parent company, sold its remaining 20 percent interest in Aeroplan, which subsequently abandoned its structure as an income trust and converted to a corporation. ($1=$1.22 Canadian) (Reporting by John McCrank; editing by Jeffrey Benkoe)

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