May 7, 2010 / 9:01 PM / in 7 years

UPDATE 1-ShawCor Q1 profit slides

* Q1 EPS C$0.14 vs C$0.45 yr ago

* Revenue down 27 pct to C$224.6 mln

May 7 (Reuters) - Energy services company ShawCor Ltd SCLa.TO posted a nearly 70 percent fall in quarterly profit, hit by weak market conditions in its pipeline and pipe services segment.

For the first quarter, net income was C$10.0 million ($9.61 million), or 14 Canadian cents per share, compared with C$31.5 million, or 45 Canadian cents per share, a year ago.

Revenue fell 27 percent to C$224.6 million.

Revenue in its pipeline and pipe services segment -- which accounted for nearly 87 percent of total revenue -- fell 30 percent to C$194.6 million.

Analysts on average were expecting the company to earn 36.5 Canadian cents per share on revenue of C$249.3 million, according to Thomson Reuters I/B/E/S.

Shares of the Toronto-based company closed at C$28.60 Friday on the Toronto Stock Exchange. ($1=1.041 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Aradhana Aravindan)

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