May 11, 2010 / 9:04 PM / 7 years ago

UPDATE 1-Seacliff's profit rises on better show by two units

* Q1 EPS C$0.24 vs C$0.13 last year

* Revenue up 3 pct to C$128.7 mln

May 11 (Reuters) - Seacliff Construction Corp’s SDC.TO first-quarter profit nearly doubled, helped by margin gains at two of its three units.

Net income for the first quarter rose to C$5.4 million ($5.3 million), or 24 Canadian cents a share, from C$2.8 million, or 13 Canadian cents a share last year.

Consolidated revenue rose 3 percent to C$128.7 million.

Analysts on average had expected the company to earn 20 Canadian cents a share on revenue of C$134.8 million, according to Thomson Reuters I/B/E/S.

“Our profitability for the period was particularly strong, as Dominion and Canem both achieved solid margin gains,” Chief Executive Bill Crarer said.

He said the company’s recent acquisition of Broda Construction Group added C$1.3 million in gross profits.

For the rest of the year the company expects increased construction activity, but remained cautious as it sees intense competition in the market and labour shortage.

Seacliff sees increased activity in the commercial and residential sectors, which is expected to support higher margins over time.

Seacliff shares closed at C$14 Tuesday on the Toronto Stock Exchange.

$1=1.016 Canadian Dollar Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net

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