Precision Drilling quarterly profit drops 15.6 percent

Wed Jul 23, 2008 7:19am EDT
 
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TORONTO (Reuters) - Second-quarter profit at Precision Drilling Trust fell 15.6 percent as incentive compensation expenses increased, Canada's biggest oil and gas contract driller said on Wednesday.

Precision, which wants to expand its U.S. operations with a $1.8 billion takeover of Grey Wolf Inc, said profit dropped to C$21.7 million, or 17 Canadian cents per trust unit, in the second quarter, from C$25.7 million, or 20 Canadian cents, a year earlier.

($1=$1.01 Canadian)

(Reporting by Jennifer Kwan; Editing by Frank McGurty)