Precision Drilling's quarterly profit drops by three-quarters

Mon Apr 27, 2015 6:15am EDT
 
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April 27 (Reuters) - Precision Drilling Corp , Canada's largest drilling contractor, reported a 76.3 percent drop in quarterly profit as weak oil prices curtailed activity in North America.

Calgary-based Precision Drilling said it had 2,200 fewer employees on April 24 than it had at the end of 2014, when its workforce stood at 7,834.

The company's net earnings fell to C$24 million ($19.7 million), or 8 Canadian cents per share, in the quarter ended March 31, from C$101.6 million, or 35 Canadian cents per share, a year earlier. ($1 = 1.2167 Canadian dollars) (Reporting by Sneha Banerjee in Bengaluru; Editing by Ted Kerr)