Rio Tinto report shows bullying remains rife with women targeted
Rio Tinto’s latest report comes after the government of Western Australia in June 2022 released its own landmark inquiry.
With all the miners cutting their explorations budgets, drilling supplier Boart Longyear (ASX:BLY) got hit and posted a 39% drop in revenue and a deep loss in its full-year financial results released today.
The company reported revenue of US$1.223 million compared to US$2.012 million in 2012, and its EBITDA was a US$337 million loss compared to earnings of US$254 million the year before.
The company’s drilling services division recorded revenue of US$917 million for 2013, a reduction of 39% from 2012. Lower rig utilisation and price reductions due to weak market demand contributed to a 51% decline in the division’s EBITDA to US$142 million. The average rig count in Q4 2013 was down 1,030.
Revenue for Boart Longyear’s Products division was US$306 million for the year, a 38% decline from 2012
The company did not provide a market outlook other than saying that “. . . market conditions may not significantly recover over the next twelve months.”
The markets slashed the mining supplier 15.69% to 36 cents.
The company appointed Goldman Sachs as an advisor to launch a strategic review to “. . . preserve the franchise value of both the Drilling Services and Products divisions, provide continuity of services and products to the Company’s global customer base, ensure capital adequacy to continue as a going concern and position the business to capture future growth when the market recovers.”
Despite the company’s dire straits, it still developed six new products in 2013.
