Canada's Precision Drilling posts quarterly loss

Mon Apr 25, 2016 6:09am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

April 25 (Reuters) - Canadian rig contractor Precision Drilling Corp posted a quarterly loss, compared with a year-ago profit, hurt by lower demand for rigs amid a prolonged oil slump.

The company posted a net loss of C$19.9 million ($15.7 million), or 7 Canadian cents per share, for the first quarter ended March 31.

It earned C$24 million, or 8 Canadian cents per share, a year earlier.

Revenue fell 41 percent to C$301.7 million in the latest quarter. ($1 = C$1.27) (Reporting by Vishaka George in Bengaluru; Editing by Savio D'Souza)