November 11, 2010 / 10:13 PM / 8 years ago

UPDATE 1-Asia Bio-Chem Q3 profit doubles

* Q3 EPS C$0.02 vs C$0.01 last year

* Q3 revenue more than doubles to C$49.9 million

Nov 11 (Reuters) - Cornstarch producer Asia Bio-Chem Group’s ABC.TO quarterly profit more than doubled, partly helped by improvement in pricing and the addition of its Daquing plant in China.

For the July-September quarter, the company earned $1.6 million, or 2 Canadian cents a share, compared with C$828,000, or 1 Canadian cent a share, a year ago.

Revenue for the Toronto, Ontario-based company, which makes and sells cornstarch and related products in China, more than doubled to C$49.9 million.

Analysts on average expected the company to earn 5 Canadian cents on revenue of C$54.8 million, according to Thomson Reuters I/B/E/S.

Shares of Asia Bio-Chem, which operates through its ChangTu subsidiary in China’s Liaoning province, have gained about 20 percent in value since the company in August said its revenue more than doubled in the second quarter.

On Thursday, they closed at C$1.57 on the Toronto Stock Exchange. (Reporting by Aftab Ahmed and Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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