Precision Drilling profit jumps 79 pct on higher pricing, activity

Mon Oct 27, 2014 6:13am EDT
 
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Oct 27 (Reuters) - Precision Drilling Corp , Canada's largest oil and natural gas drilling contractor, reported a 79 percent jump in third-quarter profit, helped by higher pricing and drilling activity.

The company's net income rose to C$52.8 million ($47 million), or 18 Canadian cents per share, in the quarter ended Sept. 30, from C$29.4 million, or 10 Canadian cents per share, a year earlier.

The Calgary, Alberta-based company's revenue rose about 20 percent to C$584.6 million.

The company also raised its quarterly dividend 17 percent to 7 Canadian cents per share. ($1 = C$1.1226) (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Savio D'Souza)