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Despite a record first half Boart Longyear Limted’s (ASX:BLY) full year net profit has slumped 57.4 per cent to $US68.2 million.

 

The mining services company says slowing global mining conditions in the second half of 2012 lead to a softening of revenues, placing pressure on pricing and margins. 

 

Revenue edged down 0.4 per cent to $2.01 billion.

 

Chairman David McLemore says Boart Longyear will focus on consolidating efficiencies and improving profitability and cash flow  in the coming year.

 

The company will pay a final dividend of 1 cent, taking its full year shareholder payout to 7.4 cents.