Halliburton profits drop 46 per cent

NEW YORK: Halliburton says its first-quarter profit slumped nearly 46 percent with the industry still recovering from last year's drop in oil drilling.

The Houston oil services company on Monday reported earnings of $206 million, or 23 cents a share, in the first three months of the year. That compares with $378 million, or 42 cents a share, in the prior-year period.

Revenue fell 4 per cent to $3.76 billion, compared with the first quarter of last year.

Halliburton said it would have earned 28 cents a share excluding special charges related to the recent devaluation of Venezuela's currency.

Analysts, which typically exclude one-time items, had expected earnings of 25 cents a share on revenue of $3.76 billion.