May 14, 2010 / 11:46 AM / in 8 years

UPDATE 1-CVTech's Q1 profit soars as energy segment rev triples

* Q1 EPS C$0.03 vs C$0.01 yr ago

* Revenue up 189 pct to C$77.3 mln

May 14 (Reuters) - CVTech Group Inc CVT.TO, a Canadian electrical services provider, posted a nearly seven-fold jump in quarterly earnings, as energy segment revenue soared, helped by winter storms that hit the northeast United States.

For the first quarter, net income was C$2.2 million ($2.16 million), or 3 Canadian cents a share, compared with C$323,000, or 1 Canadian cent a share, a year ago.

Revenue rose 189 percent to C$77.3 million. Revenue at its energy segment more than tripled to C$70.9 million.

Analysts on average were expecting the company to earn 4 cents per share, according to Thomson Reuters I/B/E/S.

Drummondville, Quebec-based CVTech’s shares, which have lost nearly 25 percent of their value in the last three months, closed at C$1.18 on the Toronto Stock Exchange. ($1=1.021 CANADIAN DOLLAR) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)

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