UPDATE 1-Newalta Q3 profit falls 81 pct

* Q3 EPS C$0.08 vs C$0.44 yr ago

* Q3 rev falls 23 pct

* Sees 2009 capital spending of C$30 mln

Nov 5 (Reuters) - Canadian industrial waste management company Newalta Inc (NAL.TO) posted an 81 percent drop in quarterly profit, primarily hurt by lower commodity prices.

For the third quarter, the company posted a net income of C$3.6 million, or 8 Canadian cents a share, compared with C$18.7 million, or 44 Canadian cents a share, a year earlier.

Revenue fell 23 percent to C$122.2 million.

Analysts on average were expecting earnings of 21 Canadian cents a share, before special items, on revenue of C$141.5 million, according to Thomson Reuters I/B/E/S.

The company's Western segment recovers and resells crude oil from oilfield waste and its Eastern segment provides a lead recycling facility and industrial waste collection services.

Newalta expects its capital spending for 2009 to be about C$30 million, down from its previous estimate of C$40 million.

Shares of the Calgary, Alberta-based company closed at C$7.89 Thursday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)