CALGARY - Oil and gas drilling equipment maker Wenzel Downhole (TSX:WZL) has reported lower third-quarter revenues of $19.2 million, partly due to decreased drilling activity in Canada and the United States.
Wenzel, which also sells, rents and services the equipment, said Monday that quarterly revenues totalled just $9.5 million less, a third of the $28.7 million it made in the same period of 2011.
Net profit was $1.3 million versus $4.7 million in the year-earlier period, which translated into diluted earnings of four cents per share, down from 13 cents.
"Decreased Canadian drilling activity resulted in lower rental and service revenue, the company said in a news release.
The company also said it was affected by less drilling activity in the United States.