June 11, 2010 / 12:24 PM / in 8 years

UPDATE 1-Patheon Q2 profit tops estimates

* Q1 EPS $0.08 vs est $0.03

* Rev up 5 pct

* 2010 rev to exceed 2009

(All figures in US dollar)

June 11 (Reuters) - Canadian drugmaker Patheon Inc PTI.TO posted a quarterly profit that topped estimates, helped by a weak U.S. dollar and said it continues to expect 2010 revenue to be higher from the prior year.

Net income was $10.9 million , 8 cents a share, compared with a loss of $3.2 million , or 3.5 cents per share, a year ago.

Revenue rose 4.8 percent to $175.4 million

Analysts on average were expecting the company to earn 3 cents a share, on revenue of $174.7 million, according to Thomson Reuters I/B/E/S.

The company said it is seeing strong evidence of an improving pharmaceutical contract services, a stronger sales activity for its development services, and significantly higher levels of quotation activity in the commercial side of the business.

“We attribute this to an improving economy, increased funding activity and progress with plant consolidations,” Chief Executive Wes Wheeler said in a statement.

However, the company’s two sites in Puerto Rico operated at a loss in the first half and continue to be a drag on EBITDA results, Wheeler said.

Shares of the company closed at C$2.51 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (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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