(Adds earnings details, company comments)
SYDNEY Feb 24 Australian drilling services firm
Boart Longyear Ltd posted a full-year loss for 2013 due
to continuing weakness in the global mining industry, and said
it had amended its credit agreement.
Board Longyear said market conditions might not
"significantly recover" over the next 12 months, and it has
negotiated a change to its credit agreement to ensure access to
the revolving credit facility.
Net loss after tax, excluding one-off charges, was $94
million for the year ended December 2013, compared with a net
profit of $116 million a year earlier, the company said.
That compared with the average analyst forecast of a net
loss of $96.34 million, according to Thomson Reuters Starmine
The company reported a net loss of $620 million, compared to
a net profit $68 million a year earlier, largely due to $461
million of restructuring charges and asset impairments.
"While we cannot predict when our markets will recover, we
have the experience of 120-plus years to know that mineral
exploration spending will increase, as mining company reserves
must be replenished to satisfy ongoing, worldwide commodity
demand," Chief Executive Richard O'Brien said in a statement.
The company's shares have dropped 75.5 percent over the past
year, against a 9.2 percent rise in the broader market. The
stock closed at A$0.43 on Friday.
(Reporting by Maggie Lu Yueyang; Editing by Jan Paschal and