Century Aluminum quarterly profit up

* Q3 net profit 45 cents/share * Sales drop 59 pct HOUSTON, Oct 27 (Reuters) - Century Aluminum Co reported a higher third quarter profit on Tuesday as results were helped by one-time items and cost-cutting. The third-quarter profit was $40.1 million, or 45 cents per share, compared with $35.8 million, or 55 cents per share, a year ago, the Monterey, California-based company said. In the 2009 quarter, there were 50 percent more shares outstanding. Results were helped by a net after-tax gain of $55.6 million related to the termination and replacement of an existing existing power contract. Sales fell to $229 million from $552 million a year earlier, hurt by a drop in aluminum shipments. (Reporting by Anna Driver in Houston; Editing Bernard Orr)