Ritchie Bros. Auctioneers third-quarter profit was up sharply from the same time last year as revenue increased 16 per cent to a record $92.3 million. The company's net income was $8.2 million or eight cents per share and adjusted earnings were $9.7 million or nine cents per share. Ritchie Bros. says gross proceeds from the auctions it organized were $848.5 million, 26 per cent higher than in the same period in 2011. "We continued to see new equipment supply and demand becoming more balanced, contributing to rising new and used equipment inventory levels and a more predictable flow of used equipment to our auctions," said the company.