Master Drilling defies downturn with profit

Master Drilling Group defied the slide in commodity prices and business activity in the mining sector by posting an 11% increase in interim taxed profits of $10.4m.Master Drilling Group offers services in traditional drilling and exploration, but its flagship technology is raise bore drilling which allows for excavation between two underground levels.”The economic downturn in commodities caused us to rely heavily on the four strategic pillars of the group,” it said in comments to its interim results ended June 30.

Master Drilling improves interim profit

Master Drilling, a leading raise bore drilling company, reported improved interim profit despite a 6% drop in revenue.Master Drilling, which listed on the JSE in 2012, reported attributable profit of $9.3m for the six months to end-June, an 11% increase compared to the same period a year earlier.Revenue, however, fell 7.5% to $60.3m. In rand terms, revenue was 3% higher.