Master Drilling CEO Danie Pretorius. Picture: FINANCIAL MAIL
The company’s foreign exchange movements on revenue was less than its impact on cost, resulting in profit after tax decreasing 14.7% to $8.3m. Revenue in dollars rose 3.8% during the period, however, boosted by its acquisition of Atlantis, which has operations in SA, India, Brazil and Zambia. Master Drilling CEO Danie Pretorius said on Tuesday that the group is seeking to grow its presence in Russia and Australia, but cited volatility in global trade as a headwind. “It is heartening that in this uncertain environment our pipeline of new business remains strong, as does interest in our innovative technology,” he said.
A second customer is about to sign a contract for the mobile tunnel borer, Pretorius said, adding there are big lessons coming from the Eland mine trial, particularly with how to set up the underground chamber to start the machine.
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