Precision Drilling posts bigger quarterly loss

Thu Jul 23, 2015 6:10am EDT
 
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July 23 (Reuters) - Canadian drilling contractor Precision Drilling Corp reported a bigger quarterly loss, hurt by lower drilling activity in North America.

The company posted a loss of C$29.8 million ($22.9 million), or 10 Canadian cents per share, in the second quarter ended June 30, bigger than the C$7.2 million, or 2 Canadian cents, it reported a year earlier.

The company reported a loss in the year-ago quarter as it changed its method of calculating depreciation.

The Calgary, Alberta-based company's revenue fell nearly 30 percent to C$334.5 million. ($1 = 1.2975 Canadian dollars) (Reporting by Anannya Pramanick and Shubhankar Chakravorty in Bengaluru)