August 8, 2011 / 1:52 PM / 7 years ago

UPDATE 1-Pason Systems Q2 Profit up 32 pct

Aug 8 - Canada’s Pason Systems Inc , which rents out oilfield instruments, posted a rise in quarterly profit, helped by increased drilling activity in the United States.

The company, whose services including data acquisition, wellsite reporting software and remote communications, said that a busy third and fourth quarter should rival the normally strong first quarter.

The Calgary-based company reported second-quarter net income of C$8.2 million, or 9 Canadian cents per share, compared with C$6.2 million, or 8 Canadian cents per share, last year.

The company’s U.S. segment reported a profit of C$19.8 million compared with C$14.0 million last year.

Revenue rose 22 percent to C$62.4 million.

Pason also approved a capital spending plan of about C$64 till June 30, 2012.

Shares of the company were trading down 5 percent at C$13.96 on Monday on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Roshni Menon)

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