January 11, 2010 / 10:10 PM / in 8 years

UPDATE 1-Canada's Velan reports flat Q3 profit

* Q3 EPS flat at C$0.34

* Q3 sales C$111.2 mln

* Says awarded C$80 mln contracts in China, Slovakia

Jan 11 (Reuters) - Canada’s Velan Inc (VLN.TO) on Monday reported flat quarterly earnings as a stronger Canadian dollar continued to affect its profit, despite seeing improved sales.

For the third quarter ended Nov. 30, the company earned C$7.6 million ($7.36 million), or 34 Canadian cents a share.

Sales rose a percent to C$111.2 million, helped by improved performance at its North American, German and UK operations.

Velan, which gets majority of revenue in U.S. dollars, said its sales included a negative currency impact of C$4.7 million, as the Canadian dollar was on average 8.3 percent stronger than the US dollar during the quarter.

The Montreal, Quebec-based company said its quarterly net new order bookings were down by 33.8 percent and that its order bookings remained to be negatively impacted by the global financial crisis.

The company also said it has been awarded contracts worth C$80 million for valves for nuclear power projects in China and Slovakia.

Shares of the company closed at C$15.75 Monday on the Toronto Stock Exchange. They hit a 52-week high of C$15.89 earlier in the day. ($1=1.032 Canadian Dollar) (Reporting by Ashutosh Joshi in Bangalore; Editing by Maju Samuel)

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