Mining services group Boart Longyear (BLY) will undergo a debt restructure after swinging to a heavy interim loss on $315.4 million in impairments and restructuring costs.
It swung to a net loss of $329.3 million, from $97.7 million in the previous year, after writing off $298.2 million in goodwill and intangible assets, and booking $17.2 million in restructuring costs. The bulk of its impairments were taken across its drilling services operations.
Underlying net profit came in at a loss of $60 million, when consensus forecasts were for a $6.1 million profit.
Revenues fell 34.6% to $718.8 million in the period, from $1.09 billion.
Boart set its earnings before interest, tax, depreciation and amortisation (EBITDA) guidance for the full year at the lower end of $116-159 million, a big reduction from the $199-271 million that was forecast back in May.
It will not pay an interim dividend, after paying 6.4 cents last year.