10:24 AM EST - Precision Drilling Trust : reported a 29 percent drop in its first-quarter profit on Wednesday, as Canada's biggest oil and gas drilling contractor saw a sharp decline in revenue. Precision, which operates nearly a third of the country's onshore drilling rigs, earned $158.1 million, or $1.26 per diluted unit, down from year-earlier profit of $224.2 million, or $1.79 per diluted unit. Precision Drilling Trust
shares T.PD.UN are trading off 51 cents at $28.31.
