Capital Drilling revenue up in Q3 despite fall in average revenue per rig
StockMarketWire.com - Capital Drilling reported a 6% rise in revenue in the third quarter of the year even as the mining services company saw lower average revenue per rig amid a temporary reduction in drilling activities at Acacia's north mara gold mine.
For the three months ended 30 September, revenue rose 6.1% to $29.4m, up from $27.7m in the second quarter, with year-to-date revenue down 1.6% to $84.1m.
Average monthly revenue per operating rig fell 4.4% to $174,000 from $182,000 in the second quarter and fell 12.1% from $198,00 a year earlier, primarily attributable to a ‘temporary reduction in drilling activities at Acacia.' This had since been resolved and activity at north mara had increased in the fourth quarter, the company said.
'The group is well on track to achieve its full year 2019 revenue guidance of $110m to $120m, with the increasing activity expected to see revenues further increase in Q4 2019,' it added.
At 10:01am: (LON:CAPD) Capital Drilling Ltd share price was -0.5p at 63p
Story provided by StockMarketWire.com