MACA grows profit to $55.4m, shrugs off mine flood

Welshpool-based contractor MACA has raised its full-year net profit by 12 per cent to $55.4 million despite weather setbacks during the year, and increased revenue by 25.2 per cent to $595.4 million.

MACA said it performed well across its mining and civil projects which has led to a final dividend payout of 7.5 cents per share, fully franked, taking the full-year dividend to 14 cents per share.

“In addition as part of a capital management initiative, the company paid a special dividend of 30 cents per share, taking the full year dividend to 44 cents,” MACA said in a statement.

MACA was conducting mining activities at Regis Resources’ Duketon project when it was hit by torrential rain in February.

The fallout led to Regis reporting a 32 per cent slump in first-half profit and eventually, Regis fell out of the S&P/ASX 100 index.

“While earnings were adversely impacted by the weather event at the Duketon project in February, the project is now fully operational once more,” MACA said.

MACA said the impact of the flooding at Duketon was reduced by the utilisation of its cash balance, which resulted in lower cash flow from operations.

MACA recorded a 58.1 per cent fall in operating cash flow to $46.8 million.

Along with the Duketon project, MACA said it continued operations at Mt Dove and Abydos for Atlas Iron, Blue Hills for Sinosteel Midwest Corporation, Paroo Station for Rosslyn Hill Mining, Peculiar Knob for Arrium and Ellendale for Kimberley Diamonds.

“Operations at Pardoo and Plutonic were closed with MACA successfully deploying personnel and equipment to other MACA projects,” the company said.

MACA has an order book of 1.3 million and expects revenue to exceed $600 million over the next financial year.

MACA’s share price fell by 0.4 per cent to $2.17 at 12:45pm.