December 23, 2011 / 3:22 PM / in 6 years

UPDATE 1-Cabo Drilling Q1 profit jumps seven-fold

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Dec 23 (Reuters) - Canada’s Cabo Drilling Corp posted a more than seven-fold rise in quarterly profit, helped by an increase in drill utilization, sending its shares up as much as 65 percent.

The company, which offers drilling services to major, mid-tier and junior mining and exploration companies, reported a first-quarter net income of C$1.5 million, or 2 Canadian cents a share, compared with C$198,000, or breakeven a share, last year.

Revenue jumped 65 percent to C$16.9 million ($16.5 million).

Shares of the company were up at a six-month high of 16 Canadian cents in early trading on the Toronto Venture Exchange. ($1 = 1.0220 Canadian dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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