May 5, 2010 / 2:46 PM / 8 years ago

UPDATE 1-Newfoundland Capital Q1 profit more than doubles

* Q1 EPS C$0.04 vs C$0.02

* Rev up 13 pct

* Sees rebound in national ad spending

May 5 (Reuters) - Newfoundland Capital Corp Ltd’s (NCCa.TO) quarterly profit more than doubled, driven primarily by organic revenue growth, and the Canadian broadcasting company said it expects to sustain positive growth through 2010.

For the first quarter, the company earned C$1.2 million, or 4 Canadian cents a share, compared with C$552,000, or 2 Canadian cents, a year earlier.

Revenue rose 13 percent to C$25.7 million.

“Local revenue has continued to drive our success and we are very pleased to see a rebound in national advertising,” Chief Executive Rob Steele said in a statement.

Analysts on average expected the company to earn 2 Canadian cents a share, on revenue of C$24.1 million, according to Thomson Reuters I/B/E/S.

The company said it sees capital expenditures of about C$6 million in 2010.

Shares of the Dartmouth, Nova-Scotia company closed at C$7.39 Tuesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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