Pason Systems' Q3 soars; raises dividend

Fri Nov 4, 2011 6:40am EDT
 
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(Reuters) - Canada's Pason Systems Inc (PSI.TO: Quote), which rents out oilfield instruments, more than doubled its profit, driven by a drilling boom in North America, and raised its half-yearly dividend by 11 percent.

July-September profit rose to C$28.5 million, or 35 Canadian cents a share, from C$11.9 million, or 15 Canadian cents a share, a year ago.

Revenue rose 29 percent to C$88.7 million.

Higher drilling activity in North America, especially in Canada, helped the Calgary-based company report its best quarter so far this year.

The company raised its semi-annual dividend to 20 Canadian cents a share, from 18 Canadian cents a share, payable on January 3, 2012, to shareholders of record on December 15.

(Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)