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LONDON (Alliance News) - Capital Drilling Limited Wednesday said that its current trading remains in line with market expectations for the full year as it weathered a difficult third quarter impacted by what it called the downturn in the mining industry.
In the third quarter ended September 30, the company posted revenues of USD21.7 million, down 47% from USD40.9 million in the previous year.
The downturn in the mining industry had continued to cause deferments and reductions in development and exploration drilling, Capital Drilling said, and the third quarter had been further impacted by disruptions in August because of Ramadan.
Cost reduction programmes had delivered positive results, Capital Drilling said, generating free cash flow that allowed the company to reduce its net debt.
Capital Drilling said expects fourth quarter revenues to show a small improvement on the third quarter.
Shares in Capital were trading down 0.12 pence at 19.62 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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