Australia: Monadelphous Posts Record Profit

Engineering group Monadelphous has delivered a record net profit after tax (NPAT) of $79.1 million for the first half of 2012/13, a 37.5 per cent increase on the previous corresponding period.

The significant profit increase was a result of record sales revenue for the first half of 2013 of $1.3 billion, a 46.6 per cent increase over the previous corresponding period, driven by growth across all divisions of the company and in particular an extraordinary surge in construction work.

Commenting on today’s results, Monadelphous Managing Director Rob Velletri said: “The Company’s performance in the first half of 2013 reflects the record level of resources and energy developments underway, the unprecedented volume of new contracts secured in the previous financial year and the current intensity of engineering construction activity.”

During the first half of 2013, Monadelphous secured $860 million in new contracts and extensions, including major construction contracts in the iron ore and coal sectors and maintenance contracts in the oil and gas market.

In the early stages of the second half of 2013, the Company has been awarded a further $140 million in new contracts with additional major contract awards expected in the coming months.

The company currently expects year-on-year revenue growth of approximately 35 per cent for the 2013 financial year.

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LNG World News Staff, February 19, 2013; Image: Monadelphous