Mineral exploration, drilling services & products provider Boart Longyear (BLY) released its 1H13 results today

Mineral exploration, drilling services & products provider Boart Longyear (BLY) released its 1H13 results today. The market was expecting a weak result after Boart's recent profit downgrade and subsequent Moody's corporate credit re-rating. Boart posted a Net Loss after tax of US$329Million. The company warned the market back in July of the deteriorating conditions in the drilling service industry due to the pull back in the mining sector. Since the beginning of 2013 Boart has cut 2,800 jobs and today said it is still in the process of locking in initiatives to reduce costs and improve financial flexibility. Its drilling service division's revenue fell 34% to $538Million, its performance was impacted by low global drill rig utilisation rates that have continued to fall in August. Revenue in Boart's product business fell 36% to $181Million. Boart will not pay a 2H dividend. For more visit: (VIEW LINK)