(Photo: Magellan Aerospace)

TORonTO — Magellan Aerospace Corporation has reported a 12.1 per cent increase in revenue in the third quarter, but a smaller net profit due to a one-time, extraordinary gain in the comparable year-earlier period.

The Mississauga, Ont.,-based supplier of components and products to the aerospace industry and to utilities, says net income amounted to $9.5 million, or 16 cents per share, in the three months to Sept. 30.

That compared with $14.8 million, or 26 cents, in the same 2012 quarter when it realized a one-time after-tax bargain purchase gain of $7.4-million in the acquisition of John Huddleston Engineering Ltd.

Under accounting rules, a buyer is required to record the difference between the fair value of an acquired asset and the purchase price as a gain on its statement of income.

Revenue rose to $181 million from $161.4 million.