August 5, 2010 / 10:23 PM / 8 years ago

UPDATE 1-Canada's Epsilon Energy posts Q2 profit on lower costs

* Q2 EPS $0.02 vs loss $0.22/shr yr ago

* Q2 revenue up more than 5 times

Aug 5 (Reuters) - Canada’s Epsilon Energy Ltd (EPS.TO) posted a quarterly profit as cost of operations fell. For the second quarter, the oil and gas explorer reported a net income of $990,000, or 2 cents a share, compared with a net loss of $10.8 million, or 22 cents a share, a year earlier.

Epsilon, which has gas assets in North America and Africa, said its quarterly revenue rose more than five times to $3.9 million.

The company’s cost of operations for the quarter fell to $2.9 million from $4.3 million, a year ago.

Shares of the Concord, Ontario-based company closed at C$2.58 Thursday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Vyas Mohan)

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