November 16, 2010 / 3:53 PM / 8 years ago

UPADTE 1-Phonetime posts Q3 profit, to raise C$700,000; shrs up

* Q3 EPS C$0.02 vs loss/shr C$0.01 last year

* Says plans to raise C$700,000

* Shares rise 27 percent

Nov 16 (Reuters) - Telecommunications network carrier Phonetime Inc PHD.TO reported its first profit in eight quarters as operating expenses nearly halved and its stock rose 27 percent.

The company also said it plans to raise C$700,000 through a private placement at 7 Canadian cents per unit, which consists of one share and one warrant to acquire two-fifths of a common share.

Shares of the company were trading up 18 percent at 6.5 Canadian cents on the Toronto Stock Exchange. They rose to 7 Canadian cents earlier in the session.

For the July-September quarter, the company reported net income of C$1.1 million, or 2 Canadian cents a share, compared with a loss of C$1.4 million, or 1 Canadian cent a share, a year ago.

However, revenue fell 5 percent to $34.9 million.

Operating expense fell to C$1.75 million from C$3.04 million. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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