Velan Inc. reported Tuesday a big increase in third-quarter profit, with the industrial valve maker crediting record sales in the period.
The company said profits attributable to subordinate and multiple voting shares rose to $5.7 million or 26 cents per share. That was up from $4 million or 18 cents per share in the same 2011 quarter.
Revenue in the three months ended Nov. 30 rose to $134.2 million from $118.9 million.
President and CEO Tom Velan said that while the company is striving to achieve the highest sales revenues ever this year "we are also focusing on longer term objectives."
'"We opened our new plant in Coimbatore, India, in December and at the same time we are expanding production in our Korean and Chinese plants," he said, adding that investments have also been made in North America.
Velan, with more than 2,000 employees, has factories in 10 countries.