AusGroup profit up to $4m

Perth-based contractor AusGroup has reported $3.9 million in first-half profit, rebounding from a $12.8 million loss it made a year ago.

The company boosted revenue by 72.1 per cent to $249.9 million in the six-month period on the back of strong maintenance services work and an increase in its order book to $466 million.

Chief executive Stuart Kenny said the net profit result reflected the impact of refocusing the business after an unstable period last year.

“We expect the contract services component of our business to continue to improve as emphasis is placed on cost efficiency and competitiveness in the current economic climate,” he said.

“The acquisition of the marine services business (last year) enables the organisation to provide a broad range of client services and is anticipated to transition from construction to operations sometime in mid-2015.”

Last week, Business News reported that AusGroup had been awarded a new contract by the CB&I Constructors-Kentz joint venture, which is one of the major contractors on the Chevron-operated Gorgon gas project.