IROC reports $3-million Q3 profit

IROC Energy Services Corp. (TSXV: ISC) has posted third-quarter earnings of $3 million, the oilfield services company reported on Tuesday.

IROC Energy Services Corp. (TSXV: ISC) has posted third-quarter earnings of $3 million, the oilfield services company reported on Tuesday.

IROC, which is headquartered in Red Deer, had revenues of $24.9 million for the three months ended Sept. 30, up nine per cent from $22.9 million in the same period of 2011.

However, its earnings — which reflected continuing operations only — were actually down 30 per cent from the $4.3 million earned in the third quarter of 2011.

IROC has a drilling and production services segment, which is made up of Eagle Well Servicing and Helix Coil Services; and a rental services segment, which consists of Aero Rental Services.

The company said in a release that revenue growth in its drilling and production services segment was due in large part to an expanded service rig fleet.

It also pointed out that activity levels for the quarter were lower than in 2011 due to a decline in crude oil prices in the second quarter.

However, IROC said that its planned 2013 capital budget was $25.3 million, and that it would be increasing its quarterly dividend to three cents a share — up from 2.5 cents — effective January 2013.

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