January 27, 2009 / 1:52 PM / in 9 years

UPDATE 2-CGI Group reports higher quarterly profit

*EPS C$0.26 vs C$0.22

*Revenue C$1 billion

*Renews share buyback plan of up to 10 pct

(Adds stock price)

TORONTO, Jan 27 (Reuters) - Outsourcing company CGI Group GIBa.TO reported a higher quarterly profit on Tuesday, helped by foreign exchange fluctuations.

CGI, Canada’s biggest computer consulting company, said it earned C$79.5 million ($64.8 million), or 26 Canadian cents a share, in its first quarter, up from C$71.9 million, or 22 Canadian cents a share, in the same period a year earlier.

Revenue was C$1 billion, up from C$895.4 million.

The company said foreign exchange fluctuations boosted revenue by 7.4 percent.

Analysts were expecting earnings of 22 Canadian cents per share before one-time items on revenue of C$942.3 million, according to Reuters Estimates.

CGI’s shares rose 30 Canadian cents, or 3.1 percent, to C$9.95 on the Toronto Stock Exchange shortly after the market opened.

During the quarter, the company booked C$775 million in new contract wins, extensions and renewals, down from C$1.1 billion a year earlier.

The company also said on Tuesday that its board renewed plans to repurchase up to 27 million shares, representing about 10 percent of its outstanding shares. ($1=$1.23 Canadian) (Reporting by Scott Anderson and Wojtek Dabrowski)

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