Precision Drilling Slumps 89%

Precision Drilling Corp., Canada's biggest oilfield-services company, said profit declined 89 percent in the second quarter.

Net income fell to C$3.33 million ($2.1 million), or 6 cents a share, from C$31.1 million, or 57 cents, a year earlier. Revenue declined 16 percent to C$345.9 million, the company said in a statement issued by Canada Newswire.

Precision shares fell 73 cents to C$46.99 yesterday on the Toronto Stock Exchange. They've risen 7.9 percent in the past year.

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