September 23, 2009 / 8:17 PM / 8 years ago

UPDATE 1-Orbit Garant Q4 profit more than doubles

* EPS C$0.10 vs C$0.05 year ago

* Net income up 157 pct to C$3.6 mln

* Revenue rises 14.6 pct

Sept 23 (Reuters) - Orbit Garant Drilling Inc (OGD.TO) said its fourth-quarter profit more than doubled, helped by lower expenses and higher pricing for new contracts.

Net income for the quarter ended June 30, 2009 was C$3.6 million, or 10 Canadian cents a share, compared with C$1.4 million, or 5 Canadian cents a share a year ago, the company said in a statement.

Revenue increased 14.6 percent to C$28.3 million.

Two analysts had expected earnings of 8 Canadian cents on revenue of C$25.5 million, according to Reuters Estimates.

Shares of Orbit Garant closed up nearly 4 percent, or 10 Canadian cents, at C$2.80 Wednesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Maju Samuel)

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