Provider of drilling services, capital equipment and consumable products in the mining and energy sectors Boart Longyear Ltd
(ASX:BLY) has announced a US$15 million loss for 2009 compared to a profit of US$156 million in 2008.
The result follows a 47% dive in revenue to US$978 million for the year.
However, looking ahead the company says it is optimistic but cautious, saying it expects revenue to rise 15% to US$1.125 billion with earnings before interest, tax, depreciation and amortization of US$170 million for 2010.
CEO Craig Kipp says recent indicators support optimism for stronger business performance in 2010.
The company decided not to pay a final dividend but says it will consider resuming dividend payments in the second half of 2010 in light of first half results. Boart Longyear paid a total of 2.39 cents in dividend to shareholders in 2008.
