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05:11 PM EDT, 06/07/2022 (MT Newswires) -- Major Drilling Group International (MDI.TO) on Tuesday said its fiscal fourth-quarter rose nearly 10-fold on a 48% rise in revenue. The company, which provides drilling services to mining companies, said it earned C$22.4 million, or C$0.24 per share, in the quarter ended April 30, up from a profit of C$2.3 million, or C$0.03, in the year-prior quarter. Revenue rose to C$190 million from C$128.1 million. The company said the rise in its profit and sales came on strong demand globally for its services. "As the upcycle progresses, demand for our specialized drilling services continues to grow with customers turning to us to execute their increasingly challenging drill programs. Despite the COVID-19 Omicron variant causing some minor delays to operations, the momentum we saw in January continued throughout this quarter," chief executive Denis Larocque said in a release. Major said it expects demand to remain high in its current fiscal year. It is forecasting capital expenditures of C$65 million to add more specialized and underground drills. The company's shares closed up C$0.05 to C$10.58 on the Toronto Stock Exchange. |