(Reuters) - Schlumberger Ltd , the world's largest oilfield services company, posted a lower-than-expected third-quarter profit and said financial turmoil had cut oil demand.
Third-quarter net profit fell to $1.3 billion, or 96 cents a share, from $1.7 billion, or $1.38 cents a share, a year earlier, when the company recorded a gain of nearly $1 per share due to the increased value of M-I Swaco after SCHLUMBERGER (SLB.NY)bought Smith, its partner in the joint venture.
Excluding one-time items, Schlumberger earned 98 cents per share, compared with the analysts' average forecast of $1.01, according to Thomson Reuters I/B/E/S.
(Reporting by Matt Daily; Additional reporting by Braden Reddall; Editing by Lisa Von Ahn)
