* Q1 EPS $0.11 vs est $0.07
* Revenue up 127 pct to $65.1 mln
* Sees demand continuing for foreseeable future
May 13 (Reuters) - Neo Material Technologies Inc NEM.TO, a maker of magnetic material and magnets, posted higher-than-expected quarterly profit, driven mainly by robust demand for its specialty materials.
For the first quarter, net income was $12.8 million, or 11 cents per share, compared with a net loss of $3.1 million, or 3 cents per share, a year ago.
Revenue rose 127 percent to $65.1 million. Revenue at its Magnequench division, which makes the magnetic powders used in the production of precision motors and sensors, nearly tripled to $38.1 million.
“We expect this healthy demand for our products to continue in the foreseeable future,” Chief Executive Constantine Karayannopoulos said in a statement.
Analysts on average were expecting the company to earn 7 cents per share on revenue of $28.8 million, according to Thomson Reuters I/B/E/S.
Shares of the Toronto-based company closed at C$4.25 Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Ratul Ray Chaudhuri)