MACA focuses on gold as profit falls

Perth-based contractor MACA is focusing on securing more work in the gold sector after reporting a slump in full-year profit.

Maca posted a 56 per cent slide in net profit to $24.2 million for the 2016 financial year, down from its $54.4 million in FY15, with revenue down from $601.4 million last year to $431.4 million.

Earnings before interest, tax, depreciation and amortisation fell 34 per cent to $90.7 million.

The company declared a final dividend of 4.5 cents per share, fully franked, for a full-year payout of 8.5 cents per share.

That’s 78 per cent lower than last year’s payout of 39.5 cents per share, however that included a special dividend payout of 25 cents.

“The full year earnings result demonstrates the strength of Maca’s business, despite what is still a very challenging operating environment for the mining and civil sectors,” Maca said in a statement.

“Operational activities have further rebalanced towards gold with Maca now working for Metals X, Silver Lake Resources, repeat work with Doray Minerals, and also a new contract with Blackham Resources.

“The company has also commenced another project in Brail for Avanco Resources in the first half.

“This increased geographical presence and experience, coupled with a strong balance sheet, has Maca well placed to secure further opportunities.”

Maca shares were 3.7 per cent lower to $1.53 each at 11am.