Master Drilling more than doubles interim profit

JSE-listed Master Drilling on Tuesday posted 59.4% higher headline and basic earnings a share at $0.05 during the six months to June 2013, compared with the $0.03 during the corresponding period the year before

Master Drilling more than doubles interim profit

Publication: Mining Weekly
Source: www.miningweekly.com
Journalist: Natasha Odendaal

JSE-listed Master Drilling on Tuesday posted 59.4% higher headline and basic earnings a share at $0.05 during the six months to June 2013, compared with the $0.03 during the corresponding period the year before.

The specialised drilling services provider delivered profit for the period of $7.7-million, up from the $4.8-million in the prior year.

Revenue for the period under revenue reached $54-million, compared with the R45.7-million generated during the six months to June 2012.

The company had also reported committed orders totalling more than R2-billion as at June.

Master Drilling allocated R190-million of capital expenditure to buy machines and partly fund its automation drive.

“The equipment is central to Master Drilling’s expansion programme that will see it grow its geographical footprint into uncharted territories,” said CEO Danie Pretorius.

He commented that Master Drilling had started its five-year exploration-drilling contract at Kumba Iron Ore’s Kolomela operation, in the Northern Cape, where it offered a “one-stop shop” solution, including reverse-circulation drilling, pilot drilling and grade control. In addition, work began in two new regions – Mali and Guatemala.

In May, the company started drilling activities in Peru using its first fully automated raiseboring machines.