Usually, resistance is applied before vulnerability, because that's the order most beneficial to the creature.
In your example with 70 points of cold damage, the abyssal drake would take 75.
This problem isn't addressed in any published handbook, the answer comes from the 3.5 FAQ, which even though some regard it as an unreliable source because of some conflictive answers to other questions, it's still an official source and one of its questions explicitly answers yours without conflicting with other published rules.
Official 3.5 FAQ, p.113:
If a monster has resistance and vulnerability to the same kind of damage (such as fire), which effect is applied first? And when does
the saving throw come in?
Always roll a saving throw before applying any effects that would
increase or reduce the damage dealt. For example, if a frost giant is
struck by a fireball that would deal 35 points of damage, it would
roll its Reflex save, then apply its vulnerability to fire after
determining how much damage the fireball would normally deal. If the
save failed, the frost giant would take 52 points of damage: 35 +
one-half of 35 (17.5, rounded down to 17). A successful save would
mean the frost giant suffered only 25 points of damage: one-half of 35
rounded down (17), plus one-half of 17 rounded down (8).
If the creature has both resistance and vulnerability to the same kind
of damage, apply the resistance (which reduces the damage dealt by the
effect) before applying the vulnerability (which increases the damage
taken by the creature). For example, imagine our frost giant wore a
ring of minor fire resistance (granting resistance to fire 10). If the
save failed, the frost giant would take 37 points of fire damage: 35
(fireball) – 10 (resistance to fire 10) = 25, plus one-half of 25
(12.5, rounded down to 12). If the save succeeded, the frost giant
would take only 10 points of damage: 17 (half damage from the
fireball, rounded down) – 10 (resistance to fire 10) = 7, plus
one-half of 7 (3.5, rounded down to 3).
As a general guideline, whenever the rules don’t stipulate an order of
operations for special effects (such as spells or special abilities),
you should apply them in the order that’s most beneficial to the
creature. In the case of damage, this typically means applying any
damage-reducing effects first, before applying any effects that would
increase damage.