Drilling company Boart Longyear (ASX:BLY) has reported a half-year net loss of $329 million as the company struggles with a slowdown in mining investment
Drilling company Boart Longyear (ASX:BLY) has reported a half-year net loss of $329 million as the company struggles with a slowdown in mining investment. The company's revenue for the first 6-months of 2013 fell 35% to $718mm compared with $1.098bn the same time last year. The company said its key customers had responded to slowing demand from China by cutting capital expenditure, including drilling services. Boart has been focusing on reigning in costs, including cutting more than 2,800 staff since January 1 and restructuring its business. Chief executive Richard O'Brien said the speed of the slowdown had caught many by surprise but the company was positioned to withstand the weaker trading conditions. (VIEW LINK)
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