H&H; Oil Tool Posts Profit After Loss a Year Earlier

H&H; Oil Tool Co. of Santa Paula, which leases oil drilling and production equipment to oil companies, reported a profit in the latest quarter compared to a loss a year earlier.

For the third quarter that ended Sept. 30, H&H; reported net income of $429,000, in contrast to a loss of $17,000 a year earlier. Revenues rose 26% to $6.29 million from $4.99 million.

In the nine months that ended Sept. 30, the company earned $831,000, while revenues increased 34% to $17.1 million. In the first nine months of 1989, H&H; lost $548,000 on $12.8 million in revenues.

H&H; attributed the turnaround to an upturn in domestic drilling activity.