High Arctic Energy Services Inc. (TSX:HWO) generated net earnings of $18 million in 2011 — a 24.1 per cent improvement over the $14.5 million earned in 2010.
The Red Deer-based company, which announced its most recent financial results on Tuesday, posted revenues of $127.2 million for the year ended Dec. 31. That was 6.6 per cent better than the $119.3 million recorded the previous year.
Net earnings per share were 40 cents for 2011, down from 46 cents.
In the final quarter of 2011, High Arctic had net earnings of $7.8 million, up 66 per cent from $4.7 million in the fourth quarter of 2010. Revenues were $37.1 million, an 11.4 per cent increase over the $33.3 million generated in the same period a year earlier. High Arctic’s Canadian operations accounted for this increase.
Company CEO Bruce Thiessen said he was pleased with the results, considering continued low natural gas prices and pricing concessions granted by High Arctic to its major customer in Papua New Guinea.
He cited the strong performance of the company’s Canadian division.
During the last year, High Arctic reduced its total debt to $17.2 million from $36.5 million.
High Arctic is active in Western Canada as well as Papua New Guinea.