29/08/2011 - 15:48

MACA increases profit by 81 per cent

29/08/2011 - 15:48

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MACA increases profit by 81 per cent

Mining services group MACA Limited has lodged a $29.7 million net profit for the year ended June 30, an increase of 81 per cent on the previous year.

MACA’s revenue grew by 60 per cent to $249.2 million for the year, driven by strong performances by both its mining and crushing divisions.

It said the profit was a result of a continued focus on managing efficiencies for its mining fleet and project sites, and was achieved despite significant disruptions during the second half, including the cease of operations at the Magellan Metals lead operation.

MACA said it currently had $1.3 billion of contracts in hand.

Managing director Chris Tuckwell said the strong performance was driven by both its existing long-term relationships and by winning significant new deals.

“Our work in hand position remains stronmg and has been further strengthened this year with the addition of a 6 year mining contract and 5 year crushing and train loading contract at WPG Resource’s iron ore project in South Australia and an 8-plus year mining services contract for Regis Resources at their Garden Well project,” Mr Tuckwell said.

Mr Tuckwell said the company was well-positioned to pursue further work and looked forward to continuing its strong growth.

At close of trade today MACA’s stock was up 7.2 per cent, to $2.08.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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