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12 May 2008 14:10 GMT | more prices >>

ShawCor ups profits



By Upstream staff 

First-quarter profit at ShawCor rose 16% as its pipeline and pipe service operation won more business.

The Canadian company said its net income rose to C$27.1 million ($26.6 million), or 38 Canadian cents a share, in the quarter, up from C$23.3 million, or 31 Canadian cents, in the first quarter last year.

The result matched the average per-share profit forecast among analysts polled by Reuters Estimates.

ShawCor said the gain came as demand for its protective pipeline coatings rose in the quarter, with revenue at its pipeline and pipe services units rising 40% to C$255.8 million because of large-diameter pipeline projects in North America and a new facility it opened in Alberta.

The company's total revenue in the quarter rose 33% to C$293.4 million.

09 May 2008 17:06 GMT  | last updated: 09 May 2008 17:09 GMT

First quarter: Profits rise for ShawCor
 

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