Maca posts $24m profit

Mining contractor MACA has reported a decline in net profit for the 2018 financial year, impacted by poor weather conditions across its Western Australian operations, but has announced a $1.28 billion order book.

Welshpool-based Maca posted a $23.6 million profit, down 26 per cent on last year, despite a 13 per cent improvement in revenue to $562.6 million.

Earnings before interest, taxes, depreciation and amortisation increased 20 per cent to $99.2 million for the period.

The company also announced a 6.5 cents-per-share dividend, a 34 per cent drop from last year.

“The 2018 financial year was a challenging one in many respects, with significant one off items having a substantial impact on first half results,” Maca said in a statement to the ASX.  

“Further, and as flagged in February, the second half results were impacted by wet weather across all mining sites.

“Whilst wet weather is always encountered in the second half of the financial year, it is unusual to have impact across all Western Australia mining sites at the same time.

“Against that background the group's core mining services business has continued to perform solidly.

“The other parts of our business are maturing and beginning to generate improved financial performance in line with our corporate group strategy.”

The company said it has $1.28 billion contracted work in hand, up 13 per cent on a year earlier, and said it was expecting revenue of more than $620 million in FY19.

Shares in Maca were up 11.02 per cent to $1.41 each at 3.40pm AEDT.