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Schlumberger posts lower quarterly profit

Business Materials 23 January 2009 15:56 (UTC +04:00)

Schlumberger Ltd (SLB.N), the world's largest oilfield services company, reported a drop in quarterly profit on Friday as the pace of drilling activity has slowed globally along with the collapse in oil and gas prices.

The company reported a net profit of $1.15 billion, or 95 cents per share, down from $1.38 billion, or $1.12 per share. Revenue rose to $6.87 billion from $6.25 billion, reported Reuters.

Excluding charges and credits, the Houston-based company posted earnings of $1.24 billion, or $1.03 per share, slightly better than analysts' forecasts for net profit of $1.21 billion, or $1.01 per share, on revenue of $6.84 billion, according to Reuters Estimates.

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