While the likes of Woolworths steal the limelight with a $1 billion net profit, Western Australian companies appear to have slipped under the radar posting their own record figures for 2005-06.
Applecross-based Monadelphous Group Ltd earlier this week announced a record net profit for the 2005-06 financial year of $29.4 million, up 76 per cent from the previous corresponding period.
The engineering service provider made a record $532 million in sales, citing a surge in the mining and minerals processing industry for the 36 per cent increase in sales from last financial year.
Monadelphous managing director Rob Velletri said the strong resource market at present continued to drive its customers to maximise production and expand operations.
“The company’s strong competitive position has resulted in rising revenues and improving margins,” he said. “This was reflected by record operating cash flows of $66.8 million.”
Monadelphous’ profit result comes at a time when a number of Western Australian companies have also experienced record figures.
West Perth-based residential property developer Cedar Woods Properties Ltd earlier this week posted a record net profit of $16.2 million, a 31 per cent increase on last year’s total.
In its announcement to the market, the company said the profit result was achieved through strong sales at its residential projects in Perth’s growth corridors of Mandurah, Baldivis and Wanneroo.
Another company to deliver a good result is Henderson based shipbuilder Austal Ltd, which delivered a 35 per cent jump in annual net profit to $40.6 million for 2005-06.
Austal said it had completed new construction halls and office facilities at its US shipyard and doubled its workforce there in anticipation of more orders for Littoral Combat Ships from the US Navy.
Meanwhile, Macmahon Holdings Ltd announced a net profit of $7.5 million after writing off a $19.9 million investment in the Alice Springs to Darwin railway. Prior to the write-off, Macmahon had recorded a 72 per cent net profit increase to $27.4 million for the 2005-06 financial year.
