Major Drilling profit falls as mining projects shelved

Mon Nov 26, 2012 4:26pm EST
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Nov 26 (Reuters) - Major Drilling Group International Inc reported a 29 percent drop in quarterly profit on Monday as many mining companies did not extend drilling programs beyond their original budgets and as more projects were delayed or canceled.

Net earnings were C$22.3 million, or 28 Canadian cents a share, in the period ended Oct. 31. That compared with C$31.6 million, or 43 Canadian cents a share, in the year-earlier period at the mine drilling company.

Analysts, on average, had expected earnings of 33 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell 7 percent to C$199.6 million.