12:08 PM EDT, 08/02/2024 (MT Newswires) -- Foraco International ( FRACF ) on Friday said its second quarter profit dropped 29% on lower revenue.

The company. which provides drilling services to the mining industry, said it earned US$7.81 million, or US$0.08 per share, in the period, down from US$11.05 million, or US$0.09, in the year-prior quarter.

Revenue dropped 22% to US$77.88 million from US$100.07 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," chief executive 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.

Foraco ( FRACF ) shares were last seen down $0.19 to $2.55 on the Toronto Stock Exchange.

Price: 2.55, Change: -0.19, Percent Change: -6.93