Master Drilling expects momentum to pick up after slow start to the year
MASTER Drilling, one of the world’s largest drilling companies, noted a pickup in demand for its services after a slow start to the year that drove interim revenue and profit down. Master Drilling, which is headquartered in Fochville, Gauteng, and listed in 2012, reported an 11% fall in revenue to $53.8m for the six months to end-June compared with $60.3m a year ago. Post-tax profit was $9.7m versus $10.4m a year earlier. "The 2016 year had a slow start for Master Drilling. Delayed access to sites, postponement of the startup of projects, poor ground conditions and economic fluctuations were the factors that contributed to the initial underperformance, especially in the first quarter," the company said. However, the second quarter showed signs of improvement and buoyed the company’s outlook for the rest of the year and beyond. "We are experiencing a change in the market with increased inquiries and project evaluations taking place," it said. "Fortunately, better performance during t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.