November 3, 2011 / 10:30 PM / 7 years ago

UPDATE 1-Flint Energy Q3 profit rises

Nov 3 (Reuters) - Canadian oilfield service company Flint Energy Services posted a higher quarterly profit, helped by more drilling activity in Canada and the U.S., but forecast a moderate rise in drilling on global economic uncertainty.

For 2012, the company expects its drilling activity in Canada and U.S. to rise 10 percent and 12 percent, respectively.

For the third quarter, the company posted a net profit of C$17.3 million, or 37 Canadian cents a share, compared with C$9.2 million, or 20 Canadian cents a share, in the year-ago period.

The company’s drilling activity in Canada was up 27 percent, while its American drilling rose about 20 percent.

Shares of the Calgary, Alberta-based company closed at C$12.36 on the Toronto Stock Exchange on Thursday. (Reporting by Arnav Das Sharma in Bangalore; Editing by Sriraj Kalluvila)

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