UPDATE 1-RailAmerica Q3 profit rises 21 pct

* Q3 EPS $0.08 vs $0.07 year-ago

* Q3 rev falls about 18 pct

Nov 11 (Reuters) - Short-line railroad operator RailAmerica Inc (RA.N), reporting results for the first time as a public company, posted a 21 percent rise in quarterly profit, helped by increased productivity, and lower fuel and maintenance expense.

Florida-based RailAmerica, which is owned by private equity funds managed by a unit of Fortress Investment Group LLC (FIG.N), went public this October raising about $150 million.

For the third quarter, net income was $3.5 million, or 8 cents a share, compared with $2.9 million, or 7 cents a share, a year ago.

Net income for RailAmerica, which competes with Genesee & Wyoming (GWR.N), includes a tax benefit of $5.4 million, the company said in a statement.

Revenue fell about 18 percent to $110.1 million.

Shares of the company closed at $12.54 Wednesday on the New York Stock Exchange. (Reporting by Fareha Khan in Bangalore; Editing by Maju Samuel)