May 12, 2010 / 4:40 PM / 8 years ago

UPDATE 1-Total Energy Q1 profit up on oil drilling activity

* Q1 EPS C$0.43 vs EPS C$0.29 last yr

* Rev up 30 pct

* Says cautiously optimistic about 2010 industry conditions

* Declares quarterly div of C$0.03/shr

May 12 (Reuters) - Total Energy Services Inc’s (TOT.TO) quarterly profit rose over 50 percent, on increased oil drilling activity, and said it was cautiously optimistic about industry conditions in 2010.

The company said activity levels in its contract drilling services division during the second quarter has increased significantly compared with 2009.

Total Energy posted a first-quarter net income of C$13 million, or 43 Canadian cents a share, compared with C$8.6 million, or 29 Canadian cents a share, a year ago.

The company posted a 30 percent increase in total revenue at C$57.8 million, but said continued weakness in natural gas prices resulted in lower sales from the gas compression services division.

Analysts, on average, were expecting earnings of 38 Canadian cents a share, on revenue of C$59.3 million, according to Thomson Reuters I/B/E/S.

Shares of the Calgary-based company were up 3 Canadian cents at C$8.05 in late morning trade Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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