Capital Drilling revenue up in Q3 despite fall in average revenue per rig

10:01 15/10/2019
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

Forex

Commodities

What the Papers Say

telegraph financial times daily mail daily express independent times
13:12 A quick look at US buybacks
source: FT.com
13:09 UK inflation hits three-year low; London...
source: The Guardian
12:58 McLaren's new roofless £1.4m Elva is...
source: The Daily Mail
12:53 McCluskey tells Corbyn to defy calls to...
source: The Guardian
12:36 House prices to rise by £35,000 on...
source: The Daily Mail
12:28 Unilever chairman steps down after U-turn...
source: The Daily Mail
12:20 FTSE LIVE: Wetherspoon boss hits out at...
source: The Daily Mail
12:14 UK inflation hits three-year low; London...
source: The Guardian
12:12 FTSE LIVE: Wetherspoon boss hits out at...
source: The Daily Mail
12:07 Hong Kong gets an Alibaba-sized IPO gift
source: FT.com
[more ...]