Southern Cross Electrical Engineering has reported a 78 per cent lift in revenue, on the back of continued success in Western Australia’s resources sector.
Southern Cross lodged a net profit of $5.1 million for the half year ended December 31, up from a $3.1 million profit for the six months ended June 30, and bouncing back significantly from a $4.8 million loss the previous corresponding half year.
The company said the Sino Iron project was a solid contributor to its revenue growth to $84.2 million, from $54.5 million over the previous six months.
Managing director Simon High said the company’s order book stood at $82 million, with $76 million forecast to be completed before the end of FY2012.
“It is pleasing to see our revenue and profits growing strongly in the period as we had expected,” Mr High said.
“Our revenue, EBITDA and profit after tax are tracking well and we expect a further improvement in the second half of this financial year and beyond.
“We described FY12 as a transitional year, with profitability improving following the increase in scale of our operations and as lower margin work from contracts awarded prior to FY11 roll off the order book.”
At 11:00AM WST, Southern Cross stocks were up 3 per cent, trading at $1.05.
