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Emeco profit up

Western Australian earth moving company Emeco Ltd has recorded a half year pre-tax profit of $9.7 million, up from $5.1 million for the previous period. The company’s revenue increased by 12.9 per cent in the half year to 31 December 2005 to $173.5 million, while EBITDA for the period was up 27.6 per cent on half year to June 2005 to $62.5 million. Emeco said the major reasons for the improvement in revenue were the continued strength of the Australian mining sector, which helped to increase Australian rental revenue by 13 per cent above that achieved in the proceeding six month period ending June 30 2005, as well as the deployment of an additional plant to Indonesia, resulting in an increase in rental revenue’s from that country of 8.5 per cent above the preceding six months. Another contributing factor was revenue generated from the acquisition of Canadian based River Valley Equipment Company Ltd in August 2005.

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