May 12, 2010 / 5:40 PM / 7 years ago

UPDATE 1-Orbit Garant Q3 rises on new international contracts

* Q3 EPS C$0.11 vs C$0.10 last year

* Q3 rev up 4 percent

May 12 (Reuters) - Drilling company Orbit Garant Drilling Inc’s (OGD.TO) quarterly profit rose 16 percent helped by new contracts in its international drilling segment, sending its shares up as much as 7 percent.

For the third quarter ended March 31, the company posted a net income of C$3.7 million, or 11 Canadian cents a share, compared with C$3.2 million, or 10 Canadian cents a share a year ago.

Revenue rose 4 percent to C$28.8 million.

The company, which provides both underground and surface drilling to mining companies, said revenue from international operations rose to C$2 million from C$0.3 million last year.

It said metres drilled rose 18 percent, which partially offset the competitive pricing in Canada.

Shares of the company were trading up 5 percent at C$3.68 Wednesday afternoon on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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