Monadelphous Posts Earnings Growth (Australia)

Leading Australian engineering company Monadelphous Group Limited has delivered earnings growth for an eleventh consecutive year, after announcing record net profit after tax (NPAT) of $137.3 million for the full year ended 30 June 2012.

This was a 44.5 per cent increase on the previous corresponding period and flowed from record sales revenue of $1.9 billion.

NPAT included a one-off after tax gain of $11.4 million from the sale of Norfolk Group Limited shares. Underlying NPAT^ was also a record $126.0 million, up 32.5 per cent.

Commenting on today’s record results, Monadelphous Managing Director Rob Velletri said the Company continued to deliver strong operational performance, had maintained a leadership position in core markets and further developed its presence in infrastructure sectors.

“We have a significant number of existing and new projects underway and more starting to ramp up from about $2 billion of work we secured in 2011/12,” Mr Velletri said.

“What Monadelphous is seeing is a strong pipeline of engineering construction opportunities, reflecting the numerous large-scale LNG, iron ore and coal projects in the early phases of execution.”

“While there has been some recent market commentary about potential delays and uncertainty of commitments to future new projects, the current crop of approved projects, particularly in the LNG sector, will drive strong demand for the next few years.”

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LNG World News Staff, August 21, 2012