August 5, 2010 / 10:38 PM / 8 years ago

Newalta posts Q2 profit; raises dividend

* Q2 EPS C$0.06 vs breakeven/shr yr ago

* Q2 revenue up 23 pct

* Sees stronger H2

Aug 5 (Reuters) - Canadian industrial waste management company Newalta Corp (NAL.TO) posted a quarterly profit, primarily helped by strong drilling activity and improved prices for the products it recovers, and raised its quarterly cash dividend by 30 percent to 6.5 Canadian cents a share.

“The outlook for all of our markets in the second half is much stronger than last year and we remain confident that solid gains in bottom line performance will be realized in the quarters ahead,” Chief Executive Al Cadotte said in a statement.

For the second quarter, the company reported net income of C$3.2 million ($3.15 million), or 6 Canadian cents a share, compared with a loss of C$179,000, or breakeven a share, a year earlier.

Revenue rose 23 percent to C$136.9 million.

Analysts on average were expecting earnings of 14 Canadian cents a share on revenue of C$129.4 million, according to Thomson Reuters I/B/E/S.

The company’s Western segment recovers and resells crude oil from oilfield waste and its Eastern segment provides a lead recycling facility and industrial waste collection services.

Shares of the Calgary, Alberta-based company closed at C$8.54 Thursday on the Toronto Stock Exchange. ($1=1.017 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Vyas Mohan)

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