08:10 AM EDT, 10/30/2024 (MT Newswires) -- Foraco International ( FRACF ) , a global provider of drilling services, on Wednesday reported lower third-quarter profit as revenue dipped.

Net profit fell to US$7.7 million, or US$0.08, from $12.4 million, or US$0.11, the year before.

Total revenue was US$77.7 million, down from a record US$95.1 million last year. The North America region delivered a 11% increase in revenue to US$35.8 million, while Australia revenue rose 27% to US$24.7 million.

Overall, rig utilization rate in the third quarter was 40% compared with 58% in the prior year.