UK's Hunting says profit sinks 76 pct in five months on oil woes
July 2 (Reuters) - Oilfield services company Hunting Plc (LSE: HTG.L - news) said profit from operations slumped 76 percent in the first five months, hurt by a drop in global rig counts and continued decline in the oil and gas market.
The company said a 56 percent drop in North American rig counts, coupled with a 12 percent fall in international rig counts since the start of the year has heavily impacted historical purchase volumes.
Hunting expects profit from operations to decline in the range of 50 percent to 75 percent for the year compared with last year. (Reporting by Aastha Agnihotri in Bengaluru; Editing by Gopakumar Warrier)