Boart Longyear Upbeat on Latest Financials

Boart Longyear Ltd (ASX:BLY), the world’s largest drilling services provider has announced that its net profit for the period ending June 30 was $US32.7 million. This comes after a $US5.4 million loss in the corresponding period last year.

The company which has its operational headquarters in the US did not pay a dividend in the previous period but has announced an interim dividend of US2.1 cents a share. The company which is listed in Australia has also estimated that its full year revenue will be 40% higher than last year.

The robust demand for the products and services provided by the company and improved operating trends has been given as the reason for the upgraded earnings guidance. They expect the earnings before interest, tax, depreciation and amortisation to be as high as $US205 million, 85% up from last year.

2009 had been a slow year for miners and as such also affected the company performance. As per Chief Executive of Boart Longyear, Craig Kipp the company’s growth seems to have stabilized and it is seeing modest improvements in margins, pricing and utilisation.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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