March 8, 2010 / 10:03 PM / 8 years ago

UPDATE 1-Major Drilling posts narrower Q3 loss

* Q3 loss/shr C$0.19 vs C$0.21 yr ago

* Q3 revenue falls 17 pct

March 8 (Reuters) - Canada’s Major Drilling Group International Inc (MDI.TO) posted a narrower quarterly loss, as the company was able to control its expenses.

For the third quarter ended Jan. 31, the company reported a net loss of C$4.5 million, or 19 Canadian cents a share, compared with a loss of C$5.1 million, or 21 Canadian cents a share, a year earlier.

Revenue dipped 17 percent to C$72.5 million, hurt partly by unfavorable foreign exchange impact.

Analysts on average were expecting earnings of 3 Canadian cents a share, before special items, according to Thomson Reuters I/B/E/S.

The world’s no. 2 mine drilling company said it has a positive but cautious view on the fourth quarter and for 2011 as it expects pricing to remain competitive, at least for the first half of the calendar year.

“One of the challenges that is re-emerging in our sector is the shortage of experienced drill crews in the industry, a factor that will put some pressure on productivity and margins as we go forward,” Chief Executive Francis McGuire said in a statement.

The company said its general and administrative costs for the quarter were down 30 percent at C$7.9 million.

Shares of the company closed at C$27.92 Monday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel)

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