April 28, 2010 / 9:39 PM / in 7 years

UPDATE 1-Canada's Marsulex Q1 profit more than doubles

* Q1 EPS/basic shr C$0.12 vs C$0.05 last year

* Q1 rev down 9 pct to C$62.7 mln

April 28 (Reuters) - Canadian industrial services provider Marsulex Inc’s MLX.TO first-quarter earnings more than doubled, partly helped by lower expenses.

On March 23, Marsulex said it began a review of strategic options, including a sale of all or part of its business. [ID:nSGE62M0HY]

“We are proceeding with additional capital projects of C$7 million within the industrial services group. These projects are expected to be completed in 2010 and provide incremental EBITDA in 2011,” Chief Executive Laurie Tugman said in a statement.

For the quarter, Marsulex posted net income of C$3.8 million, or 12 Canadian cents per basic share, compared with net income of C$1.5 million, or 5 Canadian cents, per basic share a year ago.

Revenue for the quarter fell 9 percent to C$62.7 million.

Analysts on average were expecting earnings of 13 Canadian cents a share on revenue of C$65.7 million.

Selling, general, administrative, and other expenses fell 16 percent to C$9.2 million.

Shares of Toronto-based Marsulex, were unchanged at C$12.36 Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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