Ensign profit falls on reduced demand

Mon Nov 12, 2012 5:25am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Nov 12 (Reuters) - Ensign Energy Services Inc's third-quarter profit fell 30 percent as Canada's largest oil field services provider by market value was hurt by reduced demand for its services in North America and higher costs.

Ensign's net income fell to C$44.8 million, or 29 Canadian cents per share, down from C$64 million, or 42 Canadian cents per share, a year earlier.

Excluding unusual items, the company's net income was C$47.2 million, or 31 Canadian cents per share, beating an average estimate among analysts of 30 Canadian cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 10 percent to C$525.7 million, while expenses rose 16 percent to C$451.3 million.

Ensign shares closed up 11 Canadian cents at C$14.41 on the Toronto Stock Exchange on Friday. They are down 11 percent year to date.