05:28 PM EDT, 09/19/2024 (MT Newswires) -- Orbit Garant Drilling (OGD.TO) late Thursday afternoon said it narrowed its fiscal fourth-quarter loss even as revenue fell.

The company, which provides drilling services to the mining industry, said it lost $1.2 million, or $0.04 per share, in the quarter ended June 30, compared with a loss of $4.1 million, or $0.11, a year earlier.

"During fiscal year 2024, we entered into an agreement to sell our remaining assets in West Africa and recorded a long-term account receivable totaling $7.5 million as compensation. During the quarter, we recorded a non-cash substantial modification of a receivable and expected credit loss totaling $5.2 million. Excluding this modification, our net income would have been $4.0 million, or $0.11 per share for the quarter," chief executive Pierre Alexandre said.

Revenue for the quarter fell to $45.3 million, a 3% drop from $46.8 million a year earlier. Canadian revenue, however, rose slightly to $32.8 million from $32.6 million a year ago.

Adjusted earnings before interest, taxes, depreciation, and amortization climbed to $6.4 million from $1.8 million a year earlier.

The company's shares closed down $0.03 to $0.53 on the Toronto Stock Exchange.