Precision Drilling profit falls on lower North American drilling

April 25 Thu Apr 25, 2013 6:17am EDT

April 25 (Reuters) - Precision Drilling Corp, Canada's largest oil and gas drilling contractor, reported a 16 percent decline in first-quarter earnings, hurt by lower North American drilling activity due to depressed natural gas prices.

The company's net earnings fell to C$93.3 million, or 33 Canadian cents per share, in the first quarter, from C$111.1 million, or 39 Canadian cents per share, a year earlier.

Revenue fell 7 percent to C$595.7 million.