08/22/2012 11:04 EDT | Updated 10/22/2012 05:12 EDT

Slowdown in drilling hurts Winalta's bottom line in Q2; revenue slips to $2M

CALGARY - Winalta Inc. (TSXV:WTA) says slower than expected drilling in the second quarter hurt its bottom line.

Calgary-based Winalta, which supplies worker housing and other facilities to customers in the oilpatch, posted a loss of $1.65 million or four cents per share in the three months ended June 30.

That was up from $1.55 million, also four cents per share, in the same 2011 period, as revenue slipped to just under $2 million from $2.6 million.

"Seasonal slowdown in drilling activity was compounded as the normal late second-quarter recovery in rig activity that follows spring break-up did not occur due to very wet conditions in June," Winalta said in its earnings release.