Precision Drilling profit rises, cuts capex

Wed Jul 25, 2012 6:18am EDT
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Precision Drilling Corp (PD.TO: Quote), Canada's largest oil and gas drilling contractor, reported a 11 percent rise in second-quarter profit but cut its adjusted capital expenditure plan for the year.

Net income rose to C$18.3 million, or 6 Canadian cents per share, from C$16.4 million, or 6 Canadian cents per share, a year earlier.

Revenue for the company, which runs about a quarter of Canada's onshore drilling rigs, rose to C$382 million from C$345.3 million, a year earlier. (Reporting by Jeffrey Jones in Calgary and Bhaswati Mukhopadhyay in Bangalore; Editing by Supriya Kurane)