* Q1 2012 earnings C$43.1 mln, up from C$37.2 mln Q1 2011
* EPS C$0.17, up from C$0.14
* Revenue C$427.9 mln vs C$366.4 mln
* Shares dropped 1.5 pct in early trading on TSX (Adds market reaction)
TORONTO, Aug 10 (Reuters) - CAE Inc said on Wednesday (CAE.TO) quarterly earnings rose thanks to the strength of its commercial flight simulator business, especially in emerging markets.
The Canadian company, which provides flight simulation technology to the civil aviation and defense sectors, earned C$43.1 million, or 17 Canadian cents a share, in its fiscal first quarter ended June 30, from C$37.2 million, or 14 Canadian cents, in the same quarter last year.
Revenue rose to C$429.7 million from C$366.4 million.
"Full-flight simulator sales are off to a strong start and we signed three pivotal joint venture agreements, including the total outsourcing of training by AirAsia, one of the world's fastest growing airlines," said Chief Executive Officer Marc Parent in a release.
Parent said the company was benefiting from a strong position in emerging markets.
Revenues also rose from the company's defense business, but the division's operating profit dipped on margin pressure and order delays.
Shares were down 1.5 percent to C$11.65 in early trading on the Toronto Stock Exchange.
(Reporting by Allison Martell)