Precision Drilling profit halves on lower demand

Thu Oct 25, 2012 6:12am EDT
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Oct 25 (Reuters) - Precision Drilling Corp, Canada's largest drilling contractor, said third-quarter profit fell 53 percent as reduced oil and gas drilling in North America dented demand for its services.

Net income fell to C$39 million ($39.33 million), or 14 Canadian cents per share, from C$83 million, or 29 Canadian cents per share, a year earlier.

Revenue fell 2 percent to C$485 million.