June 8, 2010 / 9:39 PM / in 7 years

UPDATE 1-Major Drilling Q4 profit beats on strong N. America rev

* Q4 EPS C$0.13 vs net loss C$0.19 yr ago

* Revenue up 47 pct to C$97.4 mln

June 8 (Reuters) - Canada’s Major Drilling Group International Inc (MDI.TO) posted a better-than-expected quarterly profit, as revenues from its North American drilling operations almost doubled.

For the fourth quarter, net income was C$3.2 million ($3.04 million), or 13 Canadian cents per share, compared with a net loss of C$4.6 million, or 19 Canadian cents per share, a year ago.

Revenue rose 47 percent to C$97.4 million. Revenue from its United States-Canada drilling operations jumped 90 percent to C$37.3 million.

Analysts on average were expecting the company to earn 9.5 Canadian cents per share on revenue of C$86.6 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$21.37 Tuesday on the Toronto Stock Exchange. ($1=1.053 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)

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