* Q1 EPS C$0.49 vs est. C$0.58
* Q1 revenue falls 7 pct, lags est.
May 13 Grain handling equipment maker Ag Growth
International Inc's (AFN.TO) quarterly profit dropped 37
percent, below market estimates, primarily hurt by interest
expense and income taxes.
For the first quarter, the company reported a net income of
C$6.4 million, or 49 Canadian cents a share, compared with
C$10.1 million, or 79 Canadian cents a share, a year earlier.
Revenue fell 7 percent to C$51.6 million.
Analysts on average were expecting earnings of 58 Canadian
cents a share, before special items, on revenue of C$54.3
million, according to Thomson Reuters I/B/E/S.
The company said its interest expense and income taxes in
total increased by C$5.3 million from the prior year.
Ag Growth's interest expense rose as it raised C$115
million through a debenture offering in October 2009 to fund
growth and acquisition opportunities
Shares of the company closed at C$35.70 Wednesday on the
Toronto Stock Exchange.
(Reporting by Koustav Samanta in Bangalore; Editing by