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Baker Hughes posts higher Q2 profit

Tue Jul 22, 2008 4:49am EDT

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(Reuters) - Baker Hughes Inc (BHI.N), an oilfield services company, said on Tuesday its second-quarter profit rose 8.4 percent, helped by a jump in oil and gas drilling.

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The Houston company said profit in the quarter was $379.3 million, or $1.23 a share, compared with $349.6 million, or $1.09 a share in the same period a year earlier.

The second-quarter net income includes a net charge of $40.3 million, or 13 cents a share, related to a litigation settlement.

Revenue rose 18 percent to $3 billion.

(Reporting by Dhanya Skariachan in Bangalore; editing by Sue Thomas)
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