August 6, 2009 / 8:54 PM / 9 years ago

UPDATE 1-Flint Energy Q2 profit falls 67 pct

* Q2 EPS C$0.08 vs C$0.25 year ago

* Q2 revenue C$424.2 mln vs C$531.7 mln last year

Aug 6 (Reuters) - Flint Energy Services Ltd FES.TO, which supplies products to oil and gas companies, said quarterly profit slumped 67 percent as weaker natural gas drilling activity in Canada and the United States weighed.

For the second quarter, the company reported net earnings of C$3.8 million ($3.53 million), or 8 Canadian cents a share, compared with C$11.8 million, or 25 Canadian cents a share, a year ago.

Revenue fell 20 percent to C$424.2 million, hurt by a decrease in revenue at its production services and oilfield services operating segments.

With oil holding above $60 per barrel, some of the deferred projects are expected to move forward in the coming months, the company said in a statement.

Shares of the company closed at C$11.72 Thursday on the Toronto Stock Exchange. ($1=1.077 Canadian Dollar) (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

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