July 28, 2011 / 8:48 PM / in 6 years

UPDATE 1-CE Franklin posts Q2 profit

(Follows alerts)

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below