Monadelphous profits again

NATIONAL resources engineering services contractor Monadelphous has recorded its seventh straight interim profit increase.

Monadelphous’ after tax profit for the six months to 31 December increased 10.3 per cent to a record $2.9 million.

Operating revenue was up 5.1 per cent to $88.2 million for the period.

Earnings before interest, depreci-ation and tax increased 18.3 per cent to $7.4 million.

A fully franked interim dividend of 13 cents per share will be paid. Earnings per share were up 1.7 per cent to 17.6 cents a share.

Monadelphous group chairman John Rubino said revenues from the company’s maintenance and regional operations division held up well despite low levels of investment and spending cutbacks in the resources sector.

“We secured significant new maintenance contracts – both in our traditional work in the mineral resources area and in a targeted expansion into the oil and gas market,” Mr Rubino said.