DoricJaxon posts $5.4m profit

DoricJaxon Consolidated maintained a modest profit for the 2019 fiscal year, despite sluggish conditions in Western Australia's commercial construction sector.

The company posted revenue of $334.8 million, down slightly from the $344.5 million it made for the 2018 financial year, according to annual returns lodged with the Australian Securities and Investments Commission.

Its net profit was $5.4 million for fiscal 2019, compared to $5.5 million in the prior corresponding period.

The second consecutive year of steady financials marks a rebound from a weak fiscal 2017, where Doric’s revenue was $235 million, and it made $13.1 million loss.

Its financials in recent years have been buoyed by work it has secured with shopping centre owner Vicinity Centres.

In August, Doric contractor commenced construction at Vicinity’s $63 million Ellenbrook Central expansion project.

The project is the fourth delivered by Doric for Vicinity Centres and is due to be completed in the middle of 2020.

Most recently for Vicinity, it completed works on the Midland Gate Shopping Centre expansion project in March this year.

It is also currently undertaking construction works at the $366.8 million HMAS Stirling Redevelopment stage 3A project.

Works commenced in 2017, and are expected to be completed early next year.

DoricJaxon Consolidated is comprised of contractors Doric and Jaxon, after the two firms struck a deal in 2017,, with Vince Mulholland operating as the chief executive of both outfits.

Last month, Doric marked its 30 year anniversary.