06:45 AM EDT, 03/22/2024 (MT Newswires) -- Akita Drilling Ltd. (AKT-A.TO) overnight Thursday reported a fourth-quarter 2023 net loss of $1.2 million, or $0.03 per share, swinging from an income of $8.8 million, or $0.22 per share, in the year-ago quarter.

Fourth-quarter 2023 revenue also decreased to $47.3 million from $59.5 million in the prior-year period.

Adjusted funds flow from operations fell to $7.2 million, or $0.18 per share, from $16.1 million, or $0.41 per share, in the year-ago quarter.

The company's debt balance decreased by $24 million in 2023, exceeding its $20 million debt repayment target.