New West Energy Erases Year-Ago Loss with Net Income in Q2 After Revenues Jump; Shares Steady at $0.045
New West Energy Services Inc. (NWE.V) announced today its financial results for the second quarter that ended October 31, 2011.
The company that operates in the oil field service industry in Canada said it had a net income of $595,986 during the quarter, erasing its losses from the previous year of $42,725. This was after revenues jumped to $5.2 million from $2.5 million in the same period last year.
The company's management believes that the industry in Western Canada will continue to grow and provide excellent opportunities for growth of its business.
NWE shares are now unchanged at $0.045, trading almost 4 cents above year low. More than 415.3 thousand NWE shares have already changed hands.
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