October 27, 2010 / 4:11 PM / 8 years ago

UPDATE 1-Wescast posts profit on rise in auto volumes

* Q3 EPS C$0.02 vs yr-ago loss C$0.46/shr

* Sales up 20.5 pct on rising auto production

TORONTO, Oct 27 (Reuters) - Auto parts maker Wescast Industries WCSa.TO said on Wednesday that it recorded a small profit in the latest quarter, compared to a loss a year earlier, as light vehicle production picked up and business increased in Asia.

Wescast, the world’s largest manufacturer of exhaust manifolds for cars and light trucks, said it earned C$281,000 ($273,000), or 2 Canadian cents a share, in the three months to Sept. 26. That compares with a net loss of C$6.1 million, or 46 Canadian cents a share, in the third quarter a year ago.

Sales at the Brantford, Ontario-based company came to C$62.8 million, up 20.5 percent from a year ago when the company’s main North American customers, General Motors Co [GM.UL], Chrysler, and Ford Motor Co (F.N) were struggling with a big slump in the auto market.

“The significant sales increase was due mainly to much higher volumes as a result of the improved economic and automotive market conditions and the continuing launch of many new programs in Asia,” the company said in a statement.

Wescast’s thinly traded shares were down 1 Canadian cent at C$5.54 on the Toronto Stock Exchange shortly after the results were released.

$1=$1.03 Canadian Reporting by John McCrank; editing by Rob Wilson

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