February 10, 2011 / 11:08 PM / 7 years ago

UPDATE 1-Orbit Garant Q2 profit up on domestic drilling

* Q2 EPS C$0.08 vs C$0.07

* Q2 rev up 9 pct

Feb 11 (Reuters) - Orbit Garant Drilling Inc posted higher second quarter profit, helped mostly by strong domestic surface drilling.

The company, which provides both underground and surface drilling to mining companies, posted net profit of C$2.7 million, or 8 Canadian cents per share, from C$2.4 million, or 7 Canadian cents per share, last year.

Revenue rose 9 percent to C$25.9 million.

The company, which added nine new drill rigs in the quarter, said domestic surface revenue rose 13 percent to C$10.2 million while international revenue rose to C$3.4 million, from C$2.4 million last year.

The drilling industry has benefited from the soaring metals and oil prices and the company continued to see some positive signs of improvement in the industry.

Earlier in the day, Precision Drilling Corp , Canada’s largest oil- and gas-well drilling company, posted a fourth-quarter profit, helped by a resurgence in drilling for oil and natural gas liquids.

Shares of Orbit Garant closed at C$6.15 on Thursday on the Toronto Stock Exchange. They have gained more than 60 percent in the last one year. (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 58 00 ; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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