May 7, 2010 / 12:00 PM / in 8 years

UPDATE 1-Genivar Q1 profit misses view on foreign exchange loss

* Q1 EPS C$0.41 vs est C$0.46

* Net revenue up 27 pct

May 7 (Reuters) - Canada’s Genivar Income Fund GNV_u.TO posted a quarterly profit that missed market estimates, as the engineering services firm was hurt by an exchange loss due to a strengthening Canadian dollar.

For the first quarter, the company earned C$7.3 million, or 41 Canadian cents per unit, compared with C$6.4 million, or 45 Canadian cents per unit, a year ago.

The company, which has projects in more than 35 countries, said the results were negatively impacted by an exchange loss of C$1.3 million.

Net revenue rose 27 percent to C$107.8 million, helped by acquisitions made in the first quarter of 2009 and 2010, and organic growth. Analysts on average were expecting earnings of 46 Canadian cents a unit, on revenue of C$98.23 million, according to Thomson Reuters I/B/E/S. For the quarter, the fund generated adjustable distributable cash of C$14 million, or 52 Canadian cents per unit, of which C$10.2 million was distributed to unitholders, it said in a statement.

Units of the Montreal-based company closed at C$27 Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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