11:55 AM EDT, 05/13/2024 (MT Newswires) -- Geodrill ( GEODF ) on Monday reported lower net income in the first quarter compared to the same period a year ago.

The drilling-services provider booked net income of US$2.1 million, or US$0.04 per share, down from US$6.1 million, or US$0.13 per share, in the first quarter of 2023.

Revenue fell to US$34.7 million from US$37.6 million while EBITDA dropped to US$6.7 million from US$10.5 million.

"We had a slow start to Q1 2024, but ended the quarter very strongly in terms of top-line revenue and profitability," chief financial officer Greg Borsk said.

Geodrill ( GEODF ) said it is focused on securing long-term contracts and strengthening its position in West Africa.

"This strategy is key for financial predictability allowing us to deliver value to our shareholders, reinforcing our commitment to sustainable growth and financial success," President and CEO Dave Harper said.

The company's shares were last seen up C$0.21 to C$2.28 on the Toronto Stock Exchange.

Price: 2.28, Change: +0.21, Percent Change: +10.14