May 9, 2011 / 9:04 PM / 7 years ago

CORRECTED-UPDATE 1-Flint Energy Services posts Q1 loss

(Corrects year-ago profit in paragraph two to C$18 million from C$118 mln)

* Q1 shr loss C$0.10 vs profit of C$0.39 last year

* Q1 revenue down 23 pct (Follows alerts)

May 9 (Reuters) - Canadian oilfield service firm Flint Energy Services Ltd posted a quarterly loss, hurt mainly by weaker activity across all but one of its segments.

Net loss for the quarter was C$4.5 million, or 10 Canadian cents per share, compared with a profit of C$18 million, or 39 Canadian cents a share, a year earlier.

Revenue fell 23 percent to C$326.8 million.

Revenue from Canadian operations fell $105.6 million to C$224.9 million, while revenue from U.S. operations rose almost 13 percent to C$81.9 million.

Analysts, on average, had expected the company to earn 10 cents a share, on revenue of C$399.8 million.

Flint said strong crude oil prices and flat gas prices, combined with expected increase in customer spending would benefit it for the rest of 2011.

Shares of the Calgary, Alberta-based company closed at a high of C$15.47 Monday on the Toronto Stock Exchange, up C$1.65, reflecting other energy stocks on a day when the benchmark U.S crude CLc1 rose about 6 percent. [ID:nL3E7G90DS] (Reporting by Maneesha Tiwari and Arup Roychoudhury in Bangalore; Editing by Joyjeet Das)

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