February 20, 2008 / 1:21 AM / in 10 years

CORRECTED-(OFFICIAL)-ShawCor profit plunges on Alabama suit

(Corrects earnings from continuing operations in third paragraph to 47 Canadian cents per share following an official correction released by Shawcor)

NEW YORK, Feb 19 (Reuters) - Canada’s ShawCor Ltd SCLa.TO, which provides services to the oil and petrochemical industries, said on Tuesday that quarterly profit plunged, burdened by a lawsuit verdict related to a shuttered facility in Mobile, Alabama.

Fourth-quarter net profit fell to C$3.8 million, or 5 Canadian cents per share, from C$26.7 million, or 36 Canadian cents per share, in the same quarter a year ago.

ShawCor said earnings from continuing operations rose to 47 Canadian cents per share from 36 Canadian cents per share in the year-ago quarter. (Reporting by Chris Reiter; Editing by Braden Reddall)

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