FIVE engineering companies with significant interests in Western Australia, including Monadelphous, Leighton and Macmahon, have recorded operating profits for the 2010 financial year.
FIVE engineering companies with significant interests in Western Australia, including Monadelphous, Leighton and Macmahon, have recorded operating profits for the 2010 financial year.
Macmahon’s net profit rose to $37.9 million for the year ended June 30, compared with a profit of $17.2 million in the prior corresponding period.
However, the company’s revenue fell 16 per cent to $1.25 billion.
Macmahon said the decrease in revenue was the result of client-imposed cancellations and the scaling back of mining projects during the financial crisis.
Macmahon chief executive Nick Bowen said the company reached its goal of rebuilding the order book during 2009-10.
Macmahon secured more than $2.1 billion of new contracts and extensions, and won a quarrying contract in Nigeria.
“This is the first contract we have won in Africa, and coupled with several other project wins and extensions in Asia, our international portfolio of work is expanding,” Mr Bowen said.
Monadelphous’ net profit rose to $83.2 million compared with $74.2 million in the prior corresponding period.
The company declared a final dividend of 48 cents per share fully franked, taking the full-year payment to 83 cents, compared with 74 cents the year before.
Monadelphous managing director Rob Velletri said the record $1.275 billion in revenue was achieved through strong delivery performance to blue-chip resources customers and increased participation in the energy sector.
Leighton Holdings has reported a 39 per cent rise in annual profit and forecast further growth as economic conditions improve.
Leighton said net profit for the financial year was $612 million, up from $440 million in the previous year.
Forge Group made a net profit of $29.5 million, an increase of 89 per cent.
The company’s revenue for the financial year was $247.2 million, compared to $168.8 million for the previous corresponding period.
Engineering services firm Cardno posted a 10 per cent rise in annual profit and said its markets continued to improve.
It posted a net profit of $37.6 million, up 10.1 per cent from $34.15 million in the previous corresponding period.
Bucking the profit trend was Perth-based engineering and fabrication company AusGroup, which has foreshadowed an unspecified fourth-quarter loss as a result of writing-down the goodwill in its Singapore subsidiary Cactus Engineering & Trading.
AusGroup, which is listed on the Singapore stock exchange, has also announced new orders worth $37 million, with Rio Tinto and Worsley Alumina, taking its order book to $362 million.
