April 24, 2017 / 10:20 AM / in 8 months

Canada's Precision Drilling posts bigger loss as costs rise

April 24 (Reuters) - Canadian rig contractor Precision Drilling Corp posted a bigger quarterly loss due to higher costs of moving some rigs to meet a jump in demand from U.S. shale producers.

The company’s net loss widened to C$22.6 million ($16.9 million), or 8 Canadian cents per share, in the first quarter ended March 31, from C$19.9 million, or 7 Canadian cents per share, a year earlier.

However, revenue rose 14.6 percent to C$345.8 million, the company said on Monday. ($1 = 1.34 Canadian dollars) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj Kalluvila)

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