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Constellation Software profit falls on higher staff costs
August 1, 2012 / 9:50 PM / 5 years ago

Constellation Software profit falls on higher staff costs

Aug 1 (Reuters) - Canada’s Constellation Software Inc reported a decline in second-quarter profit on a rise in staff-related expenses and a lower income tax benefit.

Net income fell to $17.6 million, or 83 cents a share, from $56.0 million, or $2.64 cents a share, a year ago.

Last year the company benefited from an income tax recovery of $40.6 million in the second quarter, compared with just $1.7 million this year.

Excluding the income tax recovery, profit rose 3 percent to $16.0 million.

The software company said quarterly revenue rose 7 percent to $209.0 million.

Staff expenses rose $13.0 million to $113.7 million, the company said in a statement.

Shares of the Toronto-based company closed at C$91.00 on Wednesday on the Toronto Stock Exchange.

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