July 28, 2011 / 8:48 PM / in 7 years

UPDATE 1-CE Franklin posts Q2 profit

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July 28 (Reuters) - Oilfield equipment distributor CE Franklin Ltd posted a second-quarter profit helped by a rise in drilling activity and higher well completions.

The Canadian company’s net profit was C$ 1.7 million, or 10 Canadian cents per share, compared with a loss of C$0.1 million, or 1 Canadian cents per share, in the year-ago quarter.

Revenue for the quarter rose 14 percent to C$113.9 million.

The company expects oil and gas industry activity in British Columbia and Alberta to rise this year.

Shares of the Calgary-based company closed at C$9.0 last Friday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Don Sebastian)

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