25/02/2011 - 09:55

Ausdrill announces record profit

25/02/2011 - 09:55

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Ausdrill has announced a record $36.3 million interim profit on the back of its Brandrill acquisition from December 2009 and increased exploration levels in the resources sector.

Ausdrill announces record profit

Ausdrill has announced a record $36.3 million interim profit on the back of its Brandrill acquisition from December 2009 and increased exploration levels in the resources sector.

Revenue for the drilling services firm was up 60.4 per cent from $259.3 million to $416 million, while its profit increased 71.5 per cent from $21.2 million in the previous half year.

Ausdrill will pay a 5.5 cents per share interim dividend, up from 5 cents in the previous half year.

Managing director Ron Sayers said the result was very pleasing, particularly after taking to account the adverse impact of the rising Australian dollar on its African business.

"It demonstrates the benefits of having an integrated suite of services that we offer to the mining industry," Mr Sayers said.

For the full year, Ausdrill said it expected a net profit of approximately $70 million based on its current activity levels.

"The risks associated with the outlook include weather conditions, the transition of the operations from Damang to Ayanfuri in Ghana and the volatility in the Australian dollar," Ausdrill said.

The company said it has been included in the ASX 200 for the first time, following the record profit and revenue results.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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