08:30 AM EDT, 08/02/2024 (MT Newswires) -- Foraco International ( FRACF ) , a global provider of mineral and water drilling services, on Friday reported lower net profit and revenue in the second quarter.

Force's net profit fell to US$7.8 million from US$11.1 million as revenue dropped to US$77.9 million from US$100.1 million.

EBITDA sank to US$16.4 million from US$23.8 million.

"The decrease in revenue in Europe, Middle East and Africa is the result of our strategic decision to reduce exposure in unstable jurisdictions, including Russia and some countries in West Africa," CEO Tim Bremner said. "In South America, we faced challenges mainly due to reduced funding for junior miners particularly in the lithium commodity and adverse weather conditions."

Bremner said he believes the drop in revenue will be temporary.