Boart Longyear’s shares are down more than 10% after the drilling services group reported another loss on the back of dwindling business in the mining industry.
The company reported a net loss after taxes of $68 million for the six months to June compared to a $24 million loss in the same period the previous year.
Revenue was down to $422 million compared to $719 million for the same period the year before.
CEO Richard O’Brie says the company expects full-year 2014 financial performance to be consistent with current analyst consensus for revenue at $842 million.
“We feel we are at, or approaching, the bottom of the market,” he says.
“Our view could change if commodity prices for mined products fall materially from existing levels, mining companies are not successful in pushing forward planned mine expansion and development activities, or mining companies otherwise significantly cut exploration spending from current levels that are already below recent historical levels.”
Its shares were down 10.26% to $0.175 at close.
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