The world's largest Caterpillar equipment dealer, Finning International reported a 55% decline in its quarterly profit due to the weak market conditions in Canada and Britain. The Company's exceptional performance in South American was not able to lift its overall performance.

The net income for the Vancouver-based company fell to $20 million or 12 cents a share, from $45 million, or 26 cents, in the first quarter of 2009. The revenue for the Company also fell 25% to $1 billion as sales of new equipment fell by 45% due to weak market conditions.

The sales of used equipment and revenues from rentals also went down by 23% and 19% respectively during the quarter.

The Company maintained that the strong Canadian dollar also seriously hurt its results during the quarter. Analysts had expected the company's profit to remain at 13 cents a share, before items, on revenue of $1.1 billion.

The Company stressed that the strong recovery in the mining sector will help it to post better results in the coming quarters.

Finning International also announced the sale of its U. K. rental equipment business for $171 million to an affiliate of Sun European Partners LLP. It also aims to reduce administrative expenses in the current year.