11/12/2012 11:57 EST | Updated 01/12/2013 05:12 EST

Total Energy sees net income drop by 54 per cent to $9.4 million in Q3

CALGARY - Total Energy Services Inc. has reported that its net income fell to $9.4 million in the third quarter, down 54 per cent from last year due to lower activity in the oil and gas sector.

Total Energy's net profit was $20.6 million in the same quarter in 2011.

The company had a 16 per cent drop in third-quarter revenue to $73.5 million from $87.8 million. Earnings per share diluted were 30 cents, down from 61 cents in the prior-year period.

"Oil and gas exploration and production companies have generally taken a cautious approach to capital spending, with many capital programs being deferred to the first quarter of 2013," the company said Monday in a news release.

Total Energy Services Inc. is an energy services company involved in contract drilling, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment.