February 24, 2010 / 11:35 PM / 8 years ago

UPDATE 1-Pason posts surprise Q4 profit

* Q4 EPS C$0.03 vs est loss C$0.01/shr

* Rev down 52 pct

* Total expenses down 29 pct

Feb 24 (Reuters) - Pason Systems Inc (PSI.TO), a provider of specialized rental oilfield instrumentation systems, posted a surprise quarterly profit helped mainly by lower costs.

Net income for the fourth quarter was C$2.5 million, or 3 Canadian cents a share, compared with C$12.6 million, or 15 Canadian cents a share, a year ago.

Revenue fell 52 percent to C$41 million.

    Analysts on average were expecting a loss of 1 Canadian cent, on revenue of C$37.1 million, according to Thomson Reuters I/B/E/S.

    Total expenses fell 29 percent to C$41.8 million.

    Shares of the Calgary-based company closed at C$12.75 Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Ratul Ray Chaudhuri)

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