August 10, 2010 / 1:01 PM / in 7 years

UPDATE 1-Genivar misses Q2 profit estimates on higher expenses

* Q2 net earnings C$0.52/unit vs est C$0.56

* Q2 revenue up 20 pct

Aug 10 (Reuters) - Canada’s Genivar Income Fund GNV_u.TO posted a quarterly profit below analysts’ expectations, hurt by a 17 percent rise in expenses.

“We believe that the fundamentals of the consulting engineering industry in our country remain solid and that the outlook is positive in our market segments,” the company said in a statement.

For the second quarter, the fund reported net earnings of C$9.5 million, or 52 Canadian cents a unit, compared with C$7.7 million, or 54 Canadian cents a unit, a year ago.

Revenue at the company, which provides engineering services, rose 20 percent to C$144.1 million.

Analysts on average expected the fund to earn 56 Canadian cents per unit, according to Thomson Reuters I/B/E/S.

Units of the Montreal-based fund closed at C$27.03 Monday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Aradhana Aravindan)

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