February 24, 2009 / 9:41 PM / 9 years ago

UPDATE 1-Aastra profit drops on writedown, restructuring

TORONTO, Feb 24 (Reuters) - Aastra Technologies AAH.TO posted a drop in quarterly profit on Tuesday as a goodwill writedown and restructuring charges by the business communications company ate into results.

Profit dropped to C$1.5 million, or 10 Canadian cents per share, in the three months ended Dec 31 from C$12.3 million, or 75 Canadian cents, in the same period a year earlier.

    Revenue jumped to C$261.8 million from C$155.2 million, thanks in part to its purchase of Ericsson’s (ERIC.O) enterprise communications business last year.

    Concord, Ontario-based Aastra took non-cash writedowns of C$14.1 million in the latest quarter and recorded C$11.3 million in restructuring costs.

    Aastra released its results after markets closed. During the day, its shares fell 16 Canadian cents to C$9.38 on the Toronto Stock Exchange.

    $1=$1.24 Canadian Reporting by Wojtek Dabrowski; Editing by Frank McGurty

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