27/02/2019 - 11:54

Southern Cross posts strong results

27/02/2019 - 11:54

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Southern Cross Electrical Engineering has reported a net profit after tax of $4.5 million for the first half of the financial year, a rise of 66 per cent from the prior corresponding period.

Southern Cross posts strong results
Graeme Dunn says the company grew in key areas compared to the prior corresponding period.

Southern Cross Electrical Engineering has reported a net profit after tax of $4.5 million for the first half of the financial year, a rise of 66 per cent from the prior corresponding period.

The contractor received $181.8 million in revenue for the six months to the end of 2018, a 3 per cent rise.

Its gross margins for the half year were 11.7 per cent, compared with 11.1 per cent in the prior corresponding period.

In a statement, the company said the majority of its commercial and infrastructure revenue was generated from the buoyant NSW market.

Southern Cross said it continued to win resources contracts in Western Australia under its framework agreements with the major iron ore producers and at the Wheatstone LNG project.

Its full-year revenue guidance remains over $400 million. 

Significant ongoing projects include RAAF Tindal, Westconnex M4 and M5, Westmead Hospital, Parramatta Square, Wodgina Lithium Project, Ergon Energy and the NBN rollout.

Chief executive Graeme Dunn said the half-year result showed growth in the key metrics against the prior corresponding period.

“We remain on track to deliver full year revenues of over $400 million and with a strong balance sheet, large order book and significant opportunity pipeline are well placed to achieve further growth as we continue to deliver on our strategy of sector and geographic diversification,” he said.

Shares in SCEE were flat at 60 cents each at 1pm AEDT.

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