Major Drilling profit drops on mining sector woes

Wed Jun 5, 2013 5:11pm EDT
 
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June 5 (Reuters) - Major Drilling Group International Inc reported a steep drop in fourth quarter earnings on Wednesday as hard-hit mining companies canceled or delayed their exploration plans.

The drilling company said net earnings fell to C$2.2 million ($2.1 million), or 3 Canadian cents a share, from C$30.7 million, or 38 Canadian cents, a year earlier. Revenue fell to C$135.5 million from C$237.2 million.