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

CommSec

Online Stockbroker

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)


CommSec
CommSec
Online Stockbroker
Online Stockbroker

CommSec is Australia's leading online broker. CommSec has been committed to providing the best in online trading since 1995. CommSec helps make informed investment decisions with comprehensive market research, free live pricing and powerful...

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.