Belmont-based engineering and construction company, Paladio Group Ltd, has announced an operating profit after tax of $579,000 on revenue of $59.5 million.
The result is an improvement on the previous half year's net loss of $283,000, and revenue of $18.9 million.
Paladio's latest interim operating profit before tax was $1.03 million and includes the effects of equity based payments of $365,000 and non-recurring restructuring costs of $371,000.
On an EBITD basis the result was $1.78 million (after allowing for both equity based payments and the non-recurring restructuring costs).
Paladio said its Construction Division (comprising the operations of McFee, Fabcon, Novacoat, and Westec Engineering) and the newly acquired Decmil Australia were affected by delays in the award of projects by their traditional clients in the resources and oil and gas sectors.
The division generated revenue of $28.5 million (2006: $16.3 million), while Decmil posted revenue of $26.6 million.
The Engineering Services Division generated revenue of $4.3 million during the period (2006: $2.1 million), a result which was augmented by the recently acquired Matrix Engineers business.
Work in hand stands at approximately $100 million with some $30 million to be converted in the next financial year.
Paladio said both of the divisions had won new contracts early in calendar 2008 and were experiencing ongoing high levels of tendering activities.
The company said both divisions were expected to perform strongly in the second half of the financial year.
Paladio remains virtually debt free and has put in place working capital facilities to assist funding rapid growth in operating activities.
Paladio shares ended the day 5 cents, or 17.24 per cent, higher at 34 cents each.
