Byrnecut profit bounces back

Mining contractor Byrnecut Australia has bounced back from a challenging 2022 to post an improved net profit after tax in 2023. 

In financial statement documents lodged by the privately-owned company to the Australian Securities and Investments Commission, Byrnecut posted a net profit after tax of $61.42 million last year, up from $5.44 million in 2022.

Additionally, Steve Coughlan-chaired Byrnecut generated approximately $2 billion in revenue, up from $1.9 billion during the prior corresponding period.

Aside from contract-based revenue rising from $1.90 million to $1.97 million in the space of 12 months, the Perth Airport-based company was also able to shed the $14.9 million impairment of its investment in Wiluna Mining Corporation, along with the $18 million loan impairment of its Murray Engineering operation. 

Following the announcement of the company's 2022 results, Mr Coughlan said 2023 would be a year of "resetting" - and was hopeful that due to a strong balance sheet across the overall group, things would turn around. 

Byrnecut also provided an update regarding its dealings with Galena Mining, which entered voluntary administration earlier this month.

"The event was treated as an adjusting subsequent event and all unpaid amounts at this point at the point of entering voluntary administration that were outstanding as of December 31 2023 have been provided for in full," the company said. 

Byrnecut, which has a diverse range of global interests, is 70 per cent owned by international investor Claudio Thyssen, by way of his entity Thyssen Schachtbau. Overall, its Australian arm employs 4638 people.