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.

Camco ended 2008 with a cash balance of 27 million euros, which Mirabaud analyst Gus Hochschild said valued the company at 13 pence per share.

KBC Peel Hunt analyst Andrew Shepherd-Barron, who upgraded Camco stock to "buy" from "hold" on Monday, said the cash pile was enough to fund the business for two years "in a carbon price environment of 8 euros or less."

Any release of cash from other assets would extend this period, he said.

Revenue rose to 41.5 million euros from 10.4 million. Camco's carbon business generated a revenue of 31.3 million euros, up from 2.9 million in 2007.

Camco sold its Dallas Clean Energy landfill gas recovery project in Texas last year for a net profit of 1 million euros.

CHINA AND RUSSIA

"We will continue to look for acquisitions this year and next year to grow the company," Chief Financial Officer Scott McGregor told Reuters by phone.

Camco said its focus for 2009 would be to build its business, particularly in China and the United States.

"I think the profits for the company (for 2009) will mainly come from our Chinese and Russian projects," McGregor added.

The company has invested in more than 100 projects in China, mainly in coal, steel and cement industries.

It also has a number of projects in Russia, though these carry a higher degree of risk as the investment environment in Russia remains unclear following the country's suspension from trading Kyoto credits.

McGregor declined to comment on Camco's expected revenue and profit figures for 2009, nor would comment on a number of layoffs made by the company in the past year.

KBC Peel Hunt, which has a 21 pence target price for Camco, expects the company to report a 2009 loss of 11 million euros based on the current carbon price of 12 euros, excluding any future forward sales.

Camco shareholder Generation IM Climate Solutions Fund, chaired by former U.S. Vice-President Al Gore, has increased its stake in the clean energy project developer to 19.06 percent, from 14.6 percent in February. ($1=.7416 Euro) (Reporting by Kumar Alagappan in Bangalore and Michael Szabo in London; Editing by XXX)