Stronger rand takes chunk out of Master Drilling’s profit
The drilling services provider’s interim revenue rose to end-June but profit fell with SA’s elections holding back investment decisions
10 September 2019 - 08:10
Global drilling company Master Drilling said on Tuesday that a stronger rand resulted in an 8.3% drop in operating profit for the six-months to end-June, but it received a revenue boost from its acquisition of SA-based Atlantis.
Master Drilling, which is based in Fochville to the west of Johannesburg and has 150 drilling machines in its fleet, one of the largest in the world, said conditions in SA remained constrained as it reported a 14.7% drop in interim profit after tax to $8.3m...
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