REFILE-UPDATE 2-Camco Int'l posts maiden full-year profit

* Posts pretax profit of 2.2 mln euros after results delay

* 27 mln euro cash balance, but admin costs of 24.8 mln

* Says scouting for acquisitions, sees China, Russia profits

* Shares rise as much as 29 pct

(Refiles to remove extra copy of story)

By Kumar Alagappan and Michael Szabo

April 6 (Reuters) - Clean-energy project developer Camco International Ltd. (CAMIN.L) posted a profit for the first time as revenue from its carbon business rose, and said it expected "recurring, sustainable cashflows" from carbon offset deliveries in 2009.

Camco made 2.2 million euros ($2.97 million) in pretax profits in the year to December 2008 compared with a loss of 12.2 million euros a year earlier, it said on Monday.

Last month, Camco had postponed publishing its full-year results due to accounting discrepancies.

It said profits this year would come mainly from its operations in China and Russia, and that it would continue to seek acquisitions.

"While 2009 will be a challenging year, our healthy cash position and global platform mean that Camco is well placed to move beyond the current adverse impact on climate change businesses," Chief Executive Jeff Kenna said in a statement.

Camco invests in clean energy projects, registering them with the United Nations under a Kyoto Protocol scheme that awards carbon offset credits for cutting greenhouse gases. The company also invests in projects under an unregulated, voluntary offset market.

Camco shares were up 21 percent at 11.25 pence at 1348 GMT after touching a high of 11.95 pence in early trade. The stock has more than doubled since bottoming at 5 pence on Feb. 10.

Camco's risk-adjusted registered offset portfolio grew to 46 million at the end of March, up from 40.4 million in December, with an average purchase price of 7.92 euros per tonne compared to 8.06 euros at the end of 2008.

Camco has received 5.6 million offsets to date.

Kyoto offsets trading on the European Climate Exchange CEREZ9, were down slightly at 10.71 euros a tonne on Monday.