Ausdrill FY profit meets forecast

Mining services firm Ausdrill (ASL) says it is optimistic on new work in the current year, as it embarks on a cost review amid falling commodity prices and uncertain demand in the sector after meeting its forecast for full-year net profit.

Ausdrill's share price jumped 14.2% to $1.45 at 1026 AEST after the company revealed net profit fell 19.4% to $90.4 million, from $112.2 million, within the company's April guidance for between $90 million and $96 million. 

One-off costs weighing on the result included $6.6 million in bad debt provisions taken on investments in Central Norseman and Navigator Resources, and $9 million in costs on its acquisition of BTP. 

Meanwhile, revenues increased 6.6% to $1.12 billion, from $1.05 billion in the previous corresponding period. 

The group will pay a fully-franked final dividend of 5.5 cents, bringing the year's payout to 12 cents, down on the 14 cents paid last year.