05:19 PM EDT, 09/04/2024 (MT Newswires) -- Major Drilling Group International ( MJDLF ) on Wednesday said its fiscal first-quarter profit and revenue weakened as mining financing conditions remain difficult in North America.

The company, which provides drilling services to the mining industry, said its profit in the quarter ended July 31 fell 27% to $15.9 million or $0.19 per share, from $21.8 million, or $0.26, last year.

Revenue fell 4.5% to $190 million. Revenue from Canada - U.S. drilling operations decreased by 14.1% to $87.2 million as lack of junior financing continues to impact the region. However, Australasian and African revenue increased by 15.9% to $53.1 million.

"Major Drilling's ( MJDLF ) globally diversified operations ensured that we were able to increase our revenue over the previous quarter and maintain a solid level of activity, despite the continued market slowdown in junior financing and a dip in overall global drilling activity this quarter," said chief executive Denis Larocque. "We were particularly pleased with the results from our Australasian and Chilean operations, which helped offset a slowdown in North America driven by the lack of junior financing."

The company anticipates a slight decline in revenue run rate relative to the first quarter, due to the subdued activity in North America. However, the recent strengthening of gold and copper prices has shown signs of improved financing and investor sentiment, Major Drilling ( MJDLF ) said.

Major Drilling ( MJDLF ) closed up $0.10 to $8.99 on the Toronto Stock Exchange.