Hunting plc says its profit tanked 63% in the fiscal first half

Hunting plc (LON: HTG) said on Thursday that its profit in the first half (H1) of the current fiscal year came in 63% lower on a year over year basis. The company attributed the decline to the Coronavirus pandemic that fuelled a historic slump in global oil prices. But in the fourth quarter, it expressed confidence, market is expected to show signs of improvement. Earlier in August, Hunting expressed plans of closing its loss-making manufacturing facility in Canada. Following an unprecedented decline in April, crude oil prices recovered significantly in recent months. On a year to date basis, however, prices