Matrix Composites and Engineering has reported a $2.4 million loss for the six months ended December 31, after moving its headquarters from Malaga to Henderson.
Matrix’ revenue was down 4.7 per cent over the half year, to $83.5 million, contributing to the 113 per cent fall in profit.
The company’s results included a $17.1 million writedown associated with the move to Henderson, which is only operating at 50 per cent capacity.
Matrix said the Henderson plant should reach full capacity in the fourth quarter of financial year 2012, positioning it for strong earnings growth in FY2013.
The company’s order book currently stands at $US 120 million, with a record quotation book of $US700 million.
“Revenue diversification will continue in line with the aggressive market penetration from the company’s new product groups,” Matrix said in a statement to the ASX.
“This, alongside Matrix’s reputation within the market place and long-standing, solid client relationships, will position the company for strong future earnings.”
At close of trade today, Matrix stocks had slipped 1 per cent, to trade at $3.02.
