February 2, 2012 / 9:40 PM / 6 years ago

UPDATE 1-CE Franklin Q4 profit jumps; sees modest rev growth in 2012

Feb 2 (Reuters) - CE Franklin Ltd, a distributor of oilfield production equipment, posted a nearly three times jump in fourth quarter profit, but forecast only a modest revenue growth for 2012 as it expects industry activity to remain flat.

The company, which supplies pipes and valves to oil and gas producers in Canada, said gross profit margins are expected to remain under pressure as its customers producing natural gas focus on cutting costs.

October-December profit was C$4.5 million, or 26 Canadian cents a share, compared with C$1.6 million, or 9 Canadian cents a share, a year-ago.

Revenue grew 14 percent to C$154.3 million. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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