Master Drilling interim earnings down 8.5%
JOHANNESBURG - Rock boring and drilling services provider Master Drilling said on Tuesday headline earnings per share for the half year to June 30 increased by 5.6 percent to 76.7 cents in rand terms, but were down 8.5 percent to 5.4 cents in US dollar terms.
The company was able to remain committed to its strategy of diversifying its presence across geographies, commodities and sectors in the face of continued uncertainty and volatility which had impacted on business performance, CEO Danie Pretorius said.
"In this regard, we have worked hard to bed down our existing businesses across regions, while stabilising new operations and seeking to grow our presence in new territories, such as Russia and Australia, where we believe new opportunities will arise," he said.
He noted that global trade was in turmoil, impacting negatively on commodity markets and creating uncertainty around the future demand for and consumption of commodities.
But in this uncertain environment Master Drilling's pipeline of new business remained strong, as did interest in its innovative technology.
"This positions us well, both during these uncertain times and beyond when the inevitable upturn comes, to continue on our growth path through delivering desirable, efficient and safe drilling solutions," Pretorius said.