Drilling services company Boart Longyear made a financial loss during the first three months of the year on weak demand for its services and a falling Australian dollar.
The company reported a $14 million loss in earnings before interest, tax, depreciation and amortisation for the three months to March 31.
Chief executive Richard O’Brien said Boart was improving productivity and costs, as proven by the fact its decline in trading losses was more modest compared to revenue declines.
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There was better news for chemical company Incitec Pivot, which lifted its first half profit 27 per cent thanks to stronger earnings from its Australian fertiliser business and improvements to its supply chain.
Incitec Pivot made a net profit of $146.4 million for the six months to March 31, up from $115.7 million a year ago.
It also increased its interim dividend to 4.4 cents per share, up from 3.5 cents previously.
