Ammtec forecasts 65% profit increase

Metallurgical and mineral testing equipment supplier Ammtec Ltd has forecast a marked increase in its profit result for the first half of this financial year.

The expected profit rise reflects the buoyant environment in the mining services sector.

Balcatta-based Ammtec is expecting to post a $2.5 million earnings result for the six months to December 31, compared with a $1.5 million profit in the previous corresponding period.

This represents an increase of 65 per cent and builds on record full year results to June 30 this year for the group.

The company's directors said in a stock exchange statement that an "interim dividend consistent with these record results", was anticipated.

Ammtec shares closed four cents higher at $2.85 in today's trade.