August 6, 2009 / 1:34 PM / in 8 years

UPDATE 1-McCoy reports Q2 loss, sees weak future demand

* Says C$0.06/shr loss vs. C$0.11 EPS yr-ago

* Revenue down 47 pct

Aug 6 (Reuters) - McCoy Corp (MCB.TO), which provides services to the energy sector, swung to a second-quarter loss as a drop in drilling activity hurt demand.

The company also said the credit crisis and low natural gas prices will continue to hurt McCoy’s 2009 results.

It sees a reduction in demand for its manufactured products and is not confident in a recovery before the year end.

“As with many companies servicing the drilling industry, McCoy had to make adjustments to its operations to compensate for a reduction in demand for our products and services,” Chief Executive Jim Rakievich said in a statement.

The company reported a net loss of C$1.5 million, or 6 Canadian cents a share, compared with a net income of C$2.8 million, or 11 Canadian cents a share, a year ago.

Revenue fell 47 percent to C$23.3 million.

Shares of the Edmonton, Alberta-based company closed at C$1.35 Wednesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Anil D‘Silva)

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