UPDATE 1-Onex profit jumps, sees recession for rest of 2009

* Q1 EPS C$1.38 vs 36 Canadian cents a year ago

* Says sees recession continuing for rest of 2009

* Books C$175 mln gain on Cineplex Galaxy sale

* Says its companies well positioned to endure downturn

TORONTO, May 13 (Reuters) - Canadian private-equity firm Onex Corp (OCX.TO) reported a jump in quarterly profit on Wednesday, but said it still expects the recession to continue for the balance of 2009 despite "glimmers of optimism."

Onex, which has investments in industries as diverse as electronics manufacturing, health care and cosmetics, earned C$169 million ($143.2 million), or C$1.38 a share, in the three months ended March 31. That was up from a profit of C$45 million, or 36 Canadian cents a share, a year earlier.

Overall revenue rose to C$6.47 billion from C$6.23 billion a year earlier, Onex said.

The company said its results "do not follow any specific trends" because of its buying and selling of businesses, the impact of foreign exchange rates and varying cycles at its operating companies.

During the quarter, the company sold its stake in Canadian movie-theater chain operator Cineplex Galaxy Income Fund (CGX_u.TO) for net proceeds of about C$175 million, it said.