March 1, 2010 / 11:13 PM / in 8 years

UPDATE 1-Samuel Manu-Tech Q4 loss wider than expected

* Q4 adj loss C$0.09/shr vs est loss C$0.04/shr

* Rev down 32 pct

* Sees slow growth through first half of 2010

March 1 (Reuters) - Canadian steel and plastic distributor Samuel Manu-Tech Inc (SMT.TO) posted a wider-than-expected fourth-quarter loss, hurt by lower selling prices and inventory write-downs.

“The expectation is for very slow growth through the first half of 2010 and a modest improvement in the second half of 2010,” the company said in a statement.

Stainless steel prices are expected to remain volatile in the first half of this year, with a possibility for further increases in the second quarter, it said.

The company sees the Canadian dollar strengthening through 2010, which will hurt results.

For the quarter ended Dec. 31, the company lost C$33 million, or a basic loss per share of C$1.03, compared with a net loss of C$46.9 million, or C$1.46 a share, a year ago.

Revenue fell 32 percent to C$161.0 million, hurt by low demand for steel products in North America. Analysts expected revenue of C$147.7 million.

According to Thomson Reuters I/B/E/S, the company posted an adjusted loss of 9 Canadian cents a share, compared with analysts’ projection of a loss of 4 Canadian cents a share.

Shares of the Toronto-based company closed at C$4.2 Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Ratul Ray Chaudhuri)

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