(MENAFN) Baker Hughes, the world's number three oilfield services provider, reported a lower than expected profit in the July-September period as its pretax profit in its operations in Europe, Africa and the Russia region declined to 8 percent compared to 17 percent registered in the same period a year earlier, Gulf daily News reported.
The drop in profit is attributed to political tensions which caused a disruption in activity in Libya and Iraq, as well as a sharp fall in drilling in the Gulf of Mexico.
However, the company's profit in the North American market increased due to higher spending by US oil and gas companies on lucrative shale fields and a seasonal rebound in activity in Canada, which resulted in Baker Hughes' North America revenue to increase 10 percent, the highest among its five reporting divisions.
However despite the fall in profit, Baker Hughes's net income still managed to rise 10 percent to reach USD375 million, while revenue rose 8 percent to USD6.25 billion.
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