Mincon, which makes and services drilling equipment, has said revenue from its manufactured products division was 9% lower in the third three months of its financial year, than in April, May and June.
In a trading update, it said sales of third party products were also behind the previous financial quarter because of the lack of sale of high value rigs in Southern Africa.
Mincon said though that the sale of rigs remains a key part of its strategy for the area and it has "adequate" inventory in the region.
Mincon's chief executive Kevin Barry said that in the mining sector, which makes up 50% of its overall sales, market conditions remain challenging.
He also said there has been a decline in metal commodity prices throughout the course of the year.
He said: "This cyclical weakness, combined with the significant devaluation of certain key currencies in which we trade, has impacted upon the group's year to date result for 2014."
He said though that the group remains committed to its stated strategy of becoming the third major player in the rock drilling consumables industry.
Shares in the company closed more than 19% lower in Dublin on the back of the figures.
Mincon's statement said the progress of newly set up trading businesses in Peru and Ghana is slower than expected.
The group said its balance sheet at the end of September had net cash of €41.2m.
