BlueScope returns to profitability; Boart Longyear reports $US620 million net loss: Midday Roundup

Steel manufacturer BlueScope is back to profitability, today announcing an earnings increase of $27.5 million for the first half, posting a net profit after tax of $3.7 million.

The result is a 116% increase from this time last year, when the company recorded a $23.8 million loss.

Despite the result the company decided there will be no interim dividend.

“We have stabilised the business, laid the foundations for growth, made measures investments and achieved this while maintaining a conservative balance sheet,” BlueScope chief executive Paul O’Malley said in a statement.

The company expects the result for the second half of the year to be similar, based upon typical seasonality and planned second half maintenance activities in Australia.

Boart Longyear in profit hole                                

Mineral exploration business Boart Longyear has reported a full-year net loss for the year to December 31 of $US620 million.

This was a rapid deterioration from the profit of $US68 million it achieved in 2012.

It said the loss was related to US$491 in restructuring costs. Revenue was also lower, down 39% to $US1.22 million.

Boart Longyear chief executive officer Richard O’Brien said in the year ahead the business would focus on debt reduction and safety compliance.

“We also will continue to pursue improvements to our capital structure as necessary to maximise value for all stakeholders,” he said.

Shares steady on open

Aussie shares have opened slightly up, after Wall Street closed slightly lower on Friday.

The S&P/ASX200 was up 9.6 points to 5448.3 at 12:13pm AEDT. Overnight on Friday the Dow Jones closed 0.19% lower, down 29.93 points to 16,103.30.