Ausdrill records $19m profit, down 12% from last year

Canning Vale-based drilling, blasting and exploration contractors Ausdrill Ltd has annouced a net profit of $19 million for the year ended June 30 2006, down 12 per cent from the $21.5 million secured in the 2004-05 period.

While the company had enjoyed a 56 per cent jump in revenue to $317.1 million, and an EBITDA up 98 per cent to $53.1 million, the company's net profit suffered after paying $9 million in tax,

A company announcement says the result validates Ausdrill's decision to move from its roots as a driling contractor to be a deviersified mining services company, with over 60 per cent of the company's revenue coming from outside traditional markets.

The successful completion of a $31.1 million capital raising also increased the strength of the company balance sheet, with the company currently considering a number of acquisitions.

Ausdrill will pay a dividend of 3c per share on October 26. The board anticipates a positive year ahead, with revenue growth expected for the existing business.