April 30, 2008 / 3:58 PM / 10 years ago

Canam Group profit jumps 20 pct in first quarter

TORONTO (Reuters) - Canam Group Inc CAM.TO reported a 20 percent jump in its first-quarter profit on Wednesday and credited the performance of its heavy steel construction division and a return to profit at its Mexican operation, Canam Romsa.

The Quebec-based construction products fabricator said it earned C$7.6 million ($7.5 million), or 15 Canadian cents a diluted share, in the period ended March 29, compared with a profit of C$6.4 million, or 13 Canadian cents a share, a year earlier.

Sales rose 3 percent to C$166 million from C$161 million for the same period last year.

Canam President and Chief Operating Officer Marc Dutil said in a statement that strong orders will allow the company to withstand an economic slowdown.

Shares of Canam were up 23 Canadian cents, or 2 percent, at C$11.61 late on Wednesday morning on the Toronto Stock Exchange.

($1=$1.01 Canadian)

Reporting by Lara Hertel; Editing by Peter Galloway

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