Trican Properly Service Ltd. says an ongoing droop in Canadian oilfield exercise linked to the COVID-19 pandemic resulted in decrease income within the fourth quarter.
The Calgary-based nicely completion firm says consolidated income from persevering with operations fell to $103 million from $163 million within the year-earlier interval.
It’s reporting a internet lack of $25 million or 10 cents per share for the final three months of 2020, together with a $22.3-million impairment cost on non-financial belongings. That compares with a internet lack of $20.9 million or seven cents in the identical interval of 2019.
Trican says it had adjusted earnings earlier than curiosity, taxation, depreciation and amortization of $14.5 million, little modified from $14.6 million a 12 months earlier, however beating analyst expectations for $9.7 million, in accordance with monetary information agency Refinitiv.
Its adjusted earnings embrace $4.9 million from the Canadian Emergency Wage Subsidy, bringing the entire for the 12 months to $13.8 million.
Trican says stronger demand allowed it to activate a sixth crew providing hydraulic fracturing or “fracking” nicely completions in early January.