February 12, 2010 / 2:02 PM / 8 years ago

UPDATE 1-Vecima Networks Q2 profit nearly triples

* Rev down 24 pct

Feb 12 (Reuters) - Canada’s Vecima Networks Inc’s (VCM.TO) second-quarter profit nearly tripled, helped by a gain on the sale of some of its assets and reduced foreign exchange losses.

The communications equipment maker said net income for the quarter was C$2.9 million, or 13 Canadian cents a share, compared with C$1 million, or 4 Canadian cents, a year ago.

The company, which makes broadband access products used in cable, wireless and telephony networks, said sales fell 24 percent to C$28 million.

Analysts on average were looking for a profit of 13 Canadian cents on revenue of C$31.33 million, according to Thomson Reuters I/B/E/S.

Gross margin for the quarter was 38 percent, compared with 47 percent in the year-ago period.

The company made a C$2.6 million gain on the sale of capital assets, while loss on foreign exchange fell 96 percent to C$216,000 this quarter.

Shares of the Victoria, British Columbia-based company closed at C$7.15 Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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