Master Drilling weathers a difficult year in SA, and braces for more
Global drilling company Master Drilling delivered steady interim results in what management described as a challenging start to the year, particularly in its South African home base. Master Drilling, which is based in Fochville to the west of Johannesburg, reported profit for the six months to end-June of $9.7m, down slightly from $10m the previous year. Revenue climbed to $67m from $60.5m. Revenue grew because of the addition of a drilling machine and the purchase of the whole of Scandanavian drilling company Bergteamet. The acquisition pushed up the company’s debt to $46m from $44m. The international operations were experiencing increased levels of inquiries and interest as the commodity price cycle strengthened, but conditions in SA remained challenging and payments from clients needed careful attention, said CEO Danie Pretorius. "The challenging conditions experienced in 2017 partly persisted over the six months ending June 2018, as the optimism generated by domestic political d...
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