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Hunting profit flat on North America slowdown
August 29, 2013 / 6:22 AM / 4 years ago

Hunting profit flat on North America slowdown

LONDON, Aug 29 (Reuters) - Energy services firm Hunting posted core first half profit broadly in line with the previous year, as a low rig count in Canada and the U.S. cut into margins.

The firm, which provides equipment and services for drilling and completing oil wells, on Thursday reported revenue of 424.4 million pounds ($659.34 million), up 4 percent on the same period last year and ahead of analyst expectations.

Analysts estimated first half revenue of 399.4 million pounds according to Thomson Reuters data.

Core profit (EBITDA) was down 2.7 percent at 75.6 million pounds due to lower drilling activity in North America.

Hunting said it expected a stronger second half performance and that expansion projects in Africa and Houston, U.S., were progressing smoothly.

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