Mining services provider Boart Longyear Limited
(ASX:BLY) has cautioned that its full year earnings are set to be weaker amid difficult market conditions.
Boart says market conditions have continued to soften since its AGM in May, particularly in its Drilling Services business.
The company laments that customers for drilling services continue to announce reductions or delays in their programs, expenditure and overheads, leading to uncertainty about what will constitute regular levels of stable output.
As a result, Boart says the assumptions upon which its full year outlook was based no longer appear to reflect current market conditions.
The company also announced amendments to its bank debt facility to provide insulation against further contraction in its key markets.
Boart Longyear reported a net profit of $65.6 million in the first half of fiscal 2013.
