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Precision Drilling profit rises on higher dayrates

Precision Drilling Corp. (PD-T), Canada's largest oil- and gas-well drilling company, reported a 15-percent rise in first-quarter profit helped by increase in drilling activity in Canada and the United States as well as higher dayrates in both the markets.

The company reported net income of $65.6 million, or 23 cents a share, compared with $56.9 million, or 20 cents a share, a year ago.

Financing costs for the quarter 2011 were $43 million, which included a one-time charge of $27 million, or 7 cents a share, related to repayment of senior unsecured notes, the company said in a statement.

Revenue for the quarter rose 41 percent to $525.4 million.

Precision shares have risen 84 percent over the past 12 months on a rebound in drilling activity. CTV Two CTV News CTV News Channel BNN - Business News Network CP24