Magellan Aerospace reports Q1 profit of $2.1 M, up from $1.7M loss a year ago

By: THE CANADIAN PRESS

TORONTO - Magellan Aerospace Corp. (TSX:MAL) 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 maintenance work, said the profit amounted to two cents per share for the three months ended March 31 compared with a loss of two cents per share a year 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 Magellan management," the company said.

"Continued growth in all sectors of the aerospace industry, and relative stability in foreign exchange rates that impact Magellan, allowed Magellan to increase revenue and profit in spite of temporary slowdowns in selected pre-production programs."

Shares in the company, which reported its results after the close of markets, were up two cents at 94 cents on the Toronto Stock Exchange.