Trinidad Drilling reports Q3 loss of $12.1M as revenues plunge in recession

By The Canadian Press

CALGARY - Trinidad Drilling Ltd. (TSX: TDG.TO) has blamed lower drilling activity related to the economic downturn and a competitive price environment for a sharp downturn in third-quarter results.

The Calgary-based company, which provides drilling services in Canada, the United States, Mexico and Chile, reported a net loss of $12.1 million or 10 cents a share in the third quarter.

That was a major turnaround from last year's profit of $20.4 million or 21 cents a share. Revenue plunged over 34 per cent to $126 million from $191 million in the year-ago quarter.

"Despite these challenging conditions, Trinidad was able to maintain focus on its existing operations, improving efficiencies and recording strong gross margins in the quarter and year to date," the company said in a news release.

Trinidad's shares were off four cents at $6.94 Wednesday on the Toronto Stock Exchange.