MAL reports a profit for Q1.
Magellan Aerospace reports Q1 profit of $2.1 M, up from $1.7M loss a year ago
Fri May 9, 5:24 PM
The Canadian Press
By The Canadian Press
TORONTO - Magellan Aerospace Corp. (TSX: MAL.TO) said Friday it earned a first-quarter profit of $2.1 million, compared with a loss of $1.7 million a year ago.
The company, which makes aircraft parts and does aircraft maintenancework, said the profit amounted to two cents per share for the threemonths ended March 31 compared with a loss of two cents per share ayear ago.
Quarterly revenue was $161.1 million, up from $144.1 million.
"The first quarter of 2008 showed improvement over previous periods,and was consistent with the performance expected by Magellanmanagement," the company said.
"Continued growth in all sectors of the aerospace industry, andrelative stability in foreign exchange rates that impact Magellan,allowed Magellan to increase revenue and profit in spite of temporaryslowdowns in selected pre-production programs."
Shares in the company, which reported its results after the close ofmarkets, were up two cents at 94 cents on the Toronto Stock Exchange.