August 8, 2011 / 9:43 PM / 6 years ago

UPDATE 1-Gasfrac Q2 loss widens as costs rise

* Q2 loss/basic shr C$0.13 vs C$0.4/basic shr, yr ago

* Operating expenses rose 47 pct to C$15.4 mln (Follows alerts)

Aug 8 (Reuters) - Canada's Gasfrac Energy Services Inc's quarterly loss widened as operating costs rose, and extended spring breakup conditions.

Net loss was C$7.8million, or 13 Canadian cents per basic share, compared with C$1.3 million, or 4 Canadian cents per basic share, a year ago.

The company, which developed the LPG fracturing technology to fracture oil wells safely with LPG, said revenue rose 6 percent to C$14.1 million.

Operating expenses rose 47 percent to C$15.4 million

The company said it expects the North American pressure pumping market to remain strong and overall demand for fracturing services to rise this year.

Shares of the Calgary, Alberta-based company closed at C$8.15 Monday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Gopakumar Warrier)

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