Reuters
Major Drilling Group International Inc reported a 29 percent drop in quarterly profit on Monday as many mining companies did not extend drilling programs beyond their original budgets and as more projects were delayed or canceled.
The mine drilling company also warned it expects to post a seasonal loss in its fiscal third quarter, which extends into January 2013, as drilling activity slows for the holiday season.
“Holiday breaks are expected to be longer this year and November will not have the benefit of the program extensions that we had last year,” said Chief Executive Francis McGuire in a statement.