November 1, 2010 / 1:19 PM / 7 years ago

UPDATE 1-BioteQ posts Q3 profit on rise in fee-based contracts

* Q3 EPS C$0.01 vs estimates of break-even

* Revenue up 21 pct

* Sees steady results in 2011

Nov 1 (Reuters) - Canadian water treatment company BioteQ Environmental Technologies Inc BQE.TO swung to a quarterly profit, helped by an increase in fee-based contracts, and said it expects improved results through next year.

For the third quarter, BioteQ earned C$593,443, or 1 Canadian cent a share, compared with a loss of C$261,752, or break-even on a per share basis, a year ago.

Revenue rose about 21 percent to C$2.7 million, as a result of an increase in fee-based contracts.

Fee-based revenue now accounts for 55 percent of total revenue, compared with 42 percent it contributed last year, BioteQ said in a statement.

Analysts on average expected the company to break even in the third quarter, on a per share basis, according to Thomson Reuters I/B/E/S.

Shares of the Vancouver, British Columbia-based BioteQ, which have gained about 31 percent in value since the company broke even on a per share basis in the second quarter, closed at 88 Canadian cents Friday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore;Editing by Prem Udayabhanu)

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