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Oil Contractor Rowan Reports Improved 1Q Profit

Stock quotes in this article: RDC  

HOUSTON (AP) — Oil drilling contractor Rowan Cos. Inc. said its first-quarter profit rose due to boosted drilling and manufacturing income combined with cost reductions.

Rowan's net profit rose to $131.7 million, or $1.16 per share, compared with $98.6 million, or 88 cents per share in the same quarter a year ago.

The results included $4.7 million, or 2 cents a share, for gains on asset disposals, compared with $5.4 million or 4 cents per share in the first quarter of 2008. ...

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