Boart Longyear Limited
(ASX:BLY) has announced its net profit after tax rose 23% to US$14 million for the first quarter, ending 31 March 2017.
The supplier of drilling equipment and services for the mining industry saw its revenue rise 15% for the three months to US$164 million, compared to the prior corresponding period.
Boart Longyear says their elevated results were bolstered by the rise in commodity prices, increased exploration spending and strong equity raisings by junior mining companies.
Meantime, adjusted EBITDA rose by US$15 million, to $US9 million with the better than expected result firmed by improved market conditions and increased productivity in its drilling services division.
Boart Longyear Limited
(ASX:BLY) shares are 7.32% higher to 4.4 cents
