Master Drilling expects over 450% increase in interim EPS
JSE-listed Master Drilling says it expects its earnings per share (EPS) for the six months ended June 30 to be between 212c and 219.50c, compared with the EPS of 37.50c for the six months ended June 30, 2024.
This represents a year-on-year increase of between 465.3% and 485.3%, and is largely the result of noncash adjustments deemed appropriate in the interim results.
Headline earnings per share (HEPS) for the current period are expected to be between 159.50c and 193.20c, compared with the HEPS of 168.60c for the prior comparative period, which is between 5.4% lower and 14.6% higher than the HEPS for the comparative period.
Regarding non-cash adjustments, Master Drilling explains that, during 2024, the group provided for an impairment loss on the mobile tunnel boring machine as no formal agreement was in place to project future cash flows from the application of this machine, owing to uncertainty over commodity prices within the machine's target industry.
During the first half of this year, Master Drilling says, the group finalised a contract to begin operating the mobile tunnel boring machine. The company explains that this change in circumstances necessitated a reversal of the impairment.
Thus, the company notes that the group has reassessed the recoverable amount from the asset based on the contract's projected discounted cash flows, and such recoverable amount resulted in a partial impairment reversal of $4.7-million from the impairment loss of $7.8-million recognised in the prior year.
The potential reversal of the remainder of the impairment will be assessed on a continuous basis.
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