High Arctic reports a net loss

High Arctic Energy Services Inc. (TSX:HWO) has reported a net loss of $2.6 million for the three-month period ended June 30.

High Arctic Energy Services Inc. (TSX:HWO) has reported a net loss of $2.6 million for the three-month period ended June 30.

The Red Deer-based company, which provides specialized oilfield equipment and services in Canada and internationally, had revenues of $31.2 million. Its loss per share from discontinued and continuing operations for the three months was six cents.

The numbers marked an improvement over the same quarter in 2008, when High Arctic had a net loss of $9.3 million, 22 cents a share, on revenues of $28.2 million.

High Arctic chairman Michael Binnion was upbeat about the year-over-year change.

“Despite the slowdown in the industry, the corporation continued to make improvements in its financial performance during the first six months of 2009,” he said.

High Arctic recently struck a deal to sell its interest in Optimal Pressure Drilling Services to its joint venture partner Schlumberger. That’s expected to bring in US$21.8 million.

In trading on the Toronto Stock Exchange on Monday, High Arctic shares closed at eight cents, down a cent.

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