Drilling services and equipment company, Boart Longyear
(ASX:BLY), has announced its results for the third quarter, ending 30 September 2016.
The company reported its revenue fell 6% to $12 million due to lower volumes and “unfavourable currency translations”. However, its net profit after tax rose by 50% to $27 million.
The company’s CEO, Jeff Olsen, commented that the third quarter was a challenging one for the resources sector, with exploration levels remaining low overall, but his company is aiming to be cash positive in 2017.
Boart Longyear posted a net loss of $98.6 million at 30 June 2016.
