Master Drilling headline earnings down eight percent in 2018
JOHANNESBURG – Rock boring and drilling company Master Drilling said on Tuesday its headline earnings per share decreased by 8.2 percent to 141.8 cents in rand terms in 2018 or by 7.8 percent to 10.7 cents in U.S. dollars.
Revenue was up 14.2 percent to US$138.7 million.
While the macroeconomic operating environment proved to be more difficult than initially anticipated in 2018, the company still laid the foundation for future growth through the development of new, ground-breaking technologies, CEO Danie Pretorius said.
"Diversification across regions, commodities, currencies and industries remains a key part of our long-term strategy," Master Drilling said.
"We are experiencing strong demand with increased enquiries across the various regions and commodities and expect this to continue."
It said the upswing in the commodity cycle had had a positive impact on its order book, with committed orders of US$203.6 million and a healthy pipeline of US$578.6 million.
"Although not immediately reflecting in our numbers, we do expect a positive impact on our revenue during the next reporting period," the company added.
African News Agency (ANA)