Shares in Boart Longyear Limited (ASX:BLY) have retreated in morning trade after the company back-flipped to a full year net loss and failed to provide financial guidance for the year ahead.
The supplier of drilling services and equipment booked a net loss of $US620 million in the full 2013 calendar year, from a profit of $US68 million recorded in 2012. The company’s result was impacted by $US461 million in restructuring charges and asset impairments.
CEO Richard O'Brien says Boart Longyear cannot predict when its markets will recover but the company has taken decisive and aggressive action to tackle the challenges it faces.
Mr O’Brian has affirmed the company will continue to focus on debt reduction, safety and compliance and serving customers as well as pursuing improvements to its capital structure.
Boart Longyear has declined to pay a final dividend.
Shares in Boart Longyear had retreated 9.41 per cent this morning and were trading at $0.385.
