Major Drilling profit triples, demand strong

Tue Jun 5, 2012 4:56pm EDT
 
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(Reuters) - Profit at Major Drilling Group International Inc (MDI.TO: Quote) tripled in its fiscal fourth quarter due to continued strong demand from mining projects around the world, the mine-drilling company said on Tuesday.

The company's profit rose to C$30.7 million ($29.5 million), or 39 Canadian cents a share, in the quarter ended April 30. That compared with C$9.5 million, or 13 Canadian cents a share, in the year-before period.

Major Drilling posted record revenue of $237.2 million in the quarter, up 73 percent from a year earlier.

The Moncton, New Brunswick-based company is one of the world's largest metals and minerals contract drilling service companies.

(Reporting by Julie Gordon; Editing by Peter Galloway)