August 9, 2010 / 2:20 PM / 8 years ago

UPDATE 1-Pason Systems posts Q2 profit on strong US market

* Revenue jumps 129 pct

Aug 9 (Reuters) - Pason Systems Inc (PSI.TO), a provider of specialized rental oilfield instrumentation systems, posted a quarterly profit, helped by strength in its U.S. market and improved drilling activity.

For the second quarter, the company earned C$6.5 million, or 8 Canadian cents a share, compared with a net loss of C$8.7 million, or 11 Canadian cents a share, a year ago. “Leading the return to overall profitability was the segment profit of C$14 million generated in the United States, representing a significant improvement over the loss of C$3.5 million logged last year,” the company said.

Revenue more than doubled to C$51 million.

Analysts on average had expected the company to breakeven on revenue of C$46.7 million, according to Thomson Reuters I/B/E/S.

The company reported total comprehensive income, including gains from foreign currency translation, of C$10,8 million, compared with a loss of C$21.7 million a year ago.

Shares of the company were trading up 3 percent at C$11.31 Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian)

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