Precision Drilling profit rises on higher prices, rising demand

Reuters

April 28 (Reuters) - Precision Drilling Corp , Canada's largest oil and gas drilling contractor, reported a 9 percent rise in first-quarter profit, helped by higher prices and strong drilling activity in North America and internationally.

The company's net profit rose to C$101.6 million ($92.1 million), or 35 Canadian cents per share, in the quarter ended March 31 from C$93.3 million, or 33 Canadian cents per share, a year earlier.

Revenue rose 13 percent to C$672.2 million. ($1 = 1.10 Canadian dollars) (Reporting By Shubhankar Chakravorty in Bangalore; Editing by Joyjeet Das)

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