Master Drilling warns of lower earnings ahead of interim results release
JSE-listed Master Drilling has warned that its earnings per share (EPS) for the six months ended June 30 are expected to be between 6c and 40.3c a share – between 76.5% and 96.5% lower than the EPS of R1.71 reported for the first half of 2023.
In dollar terms, EPS are expected to between $0.02 and $0.03, compared with $0.09 in the prior comparable period.
The company attributed the lower EPS largely to the result of noncash adjustments, including impairment losses on reverse circulation equipment in the company’s North and Central American operations.
A decline in the market has resulted in the equipment not be used while Master Drilling looks to market the equipment elsewhere in the world.
The company has also provided for an impairment loss on a mobile tunnel boring machine, as no formal agreement is currently in place to project future cash flows, owing to uncertainty over commodity prices within the machine's target industry.
Further, headline earnings per share (HEPS) for the current period are expected to be between R1.66 and R2 a share – between 1.9% and 18.1% lower than the HEPS of R1.70 reported for the prior comparable period.
HEPS, in dollar terms, are expected to be between $0.09 and $0.11 a share, compared with the HEPS of $0.09 a share for the comparative period of 2023.
Master Drilling's interim results are expected to be released on August 27.
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