Business
Foraco International reports second quarter and six months results; Fiscal 2010 Marked by Transformational Acquisitions
Foraco International reports second quarter and six months results; Fiscal 2010 Marked by Transfo...
About this update from Foraco International Sa
[{"type":"text","content":"\n\n\n\n Aug. 10, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES/\n\nTORONTO and MARSEILLE, France, Aug. 10 /CNW/ - Foraco International SA (the "Company" or "Foraco"), a leading global provider of diversified drilling services, today reported unaudited financial results for its second quarter of 2010 ended June 30, 2010. All figures are reported in US Dollar (US$), unless otherwise indicated.\n\n3 months Q2 2010 Highlights\n\n\n >\n\n\n"Thanks to the recent flow of acquisitions, we are well in line with our strategic roadbook, as presented when we listed the Company in 2007, which is to progressively transform FORACO into a truly global market leader, offering one of the widest range of drilling services to the mining industry. Now the Company has an established permanent presence in approximately 75% of its accessible market, as compared to 36% only three years ago. During the next months, our objective henceforth is to integrate these acquisitions, and use this transition period to bring their profitability up to top industry level." said Daniel Simoncini, Chairman and Chief Executive Officer of Foraco.\n"Although it is not yet reflected in our Q2-2010 results, we have seen signs of recovery in the mining sector, both in terms of activity and price level and notably, in our new jurisdictions where we aim to optimize synergies so as to capitalize on our new presence in those markets. As of a matter of fact, we are already working on significant synergetic prospects that were not accessible to us in the recent past," said Jean-Pierre Charmensat, Vice-CEO and Chief Financial Officer of Foraco. "We can rely on our strong balance sheet to finance our organic growth which is now our priority, although we remain flexible to undertake further external development opportunities".\n\n\n >\n\n\n3 month...