November 8, 2010 / 2:18 PM / in 7 years

UPDATE 1-Canadian Energy profit jumps on higher activity levels

* Q3 EPS C$0.46 vs C$0.06 last year

* Revenue jumps 4-fold to C$78.4 mln

* Ups monthly dividend 25 percent to C$0.10

* Says industry levels to remain robust through Q1 2011

Nov 8 (Reuters) - Canadian Energy Services & Technology Corp (CEU.TO) posted a more than eleven-fold rise in quarterly profit as the drilling fluids company saw higher activity levels partly due to its recent acquisitions in the United States.

The company, which designs and implements drilling fluid systems for oil and gas producers, also said it expects industry activity levels to remain robust throughout the fourth quarter, and into the first quarter of 2011.

The Calgary, Alberta-based company posted net income of C$8.1 million, or 46 Canadian cents a share, up from C$800,000, or 6 Canadian cents a share, a year earlier.

Revenue at the company, which bought Champion Drilling Fluids last year and Fluids Management II Ltd in June, rose four-fold to C$78.4 million in the quarter.

Its shares have gained 32 percent in value since it purchased Fluids Management. [ID:nSGE65L0KM]

They closed at C$22.20 on Friday on the Toronto Stock Exchange, valuing the company at C$393.7 million. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

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