08/11/2017 - 13:28

Civmec reports $3.5m profit

08/11/2017 - 13:28

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Engineering and construction contractor Civmec, which plans to list on the Australian Securities Exchange, has reported a quarterly net profit of $S3.7 million ($A3.5 million) and modest growth in its order book.

Civmec reports $3.5m profit

Engineering and construction contractor Civmec, which plans to list on the Australian Securities Exchange, has reported a quarterly net profit of $S3.7 million ($A3.5 million) and modest growth in its order book.

The Henderson-based company, which is currently listed on the Singapore stock exchange, said its order book had grown to $S627 million as at October 2017, up from $S610 million at the end of June.

Its September quarter net profit was down from $S6.2 million in the three months to September 2016, but up from $S862,000 in the three months to June 2017.

Its revenue grew to $S140.3 million in the most recent quarter.

That was helped by new contracts for the Swan River pedestrian bridge to Perth Stadium, and a contract with Jemena for the Northern Gas Pipeline in the Northern Territory.

The company also won additional civil works on Altura Mining’s lithium project in the Pilbara.

The latest revenue figure was up from $S97.7 million in the prior June quarter.

To support future growth, Civmec has been expanding its facilities at Henderson and Newcastle, with a particular focus on shipbuilding and defence opportunities.

Civmec announced last month it had appointed PwC to formally evaluate options for dual listing on the ASX and the Singapore Exchange.

Chief executive Pat Tallon said the company’s reputation, coupled with its expansion into new geographical areas in Australia, were paying off, as demonstrated by its significant order book.

“This will underpin our earnings in the quarters ahead,” he said.

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