Master Drilling headline earnings down 8% in 2018

Rock boring and drilling company Master Drilling said on Tuesday its headline earnings per share decreased by 8.2% to 141.8 cents in rand terms in 2018 or by 7.8% to 10.7 cents in US dollars.While the macroeconomic operating environment proved to be more difficult than initially anticipated in 2018, the company still laid the foundation for future growth through the development of new, groundbreaking technologies, said CEO Danie Pretorius.

“Diversification across regions, commodities, currencies, and industries remains a key part of our long-term strategy,” said Master Drilling. “We are experiencing strong demand with increased enquiries across the various regions and commodities and expect this to continue.” It said the upswing in the commodity cycle had had a positive impact on its order book, with committed orders of US$203.6 million and a healthy pipeline of US$578.6 million.

“Although not immediately reflecting in our numbers, we do expect a positive impact on our revenue during the next reporting period,” the company added.

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