07:41 AM EST, 02/18/2025 (MT Newswires) -- Foraco International ( FRACF ) , which provides drilling services, on Tuesday said fourth-quarter net profit rose to US$3.4 million, or US$0.04 per diluted share, from US$2.4 million, or US$0.02 per diluted share in same quarter of the previous year.

Revenue declined to US$60.8 million from US$86.6 million in the prior year period. Revenue was affected by the continued decline in junior mining activity due to financing constraints, the exit from Russia and unfavorable foreign exchange variations. However, the Asia Pacific region recorded hit record revenue US$22.4 million, a 38% increase. Growth was due to successful operations and commissioning of new proprietary rigs.

Overall the rig utilization rate fell to 35% in the fourth quarter from 55% in the prior-year period, Foraco ( FRACF ) reported.