The Perth-based engineering group expects to secure more resources and energy contracts after reporting a $53.5m annual net profit.
Maintenance and industrial services revenue increased 11 per cent to a record $1.3 billion.Perth-based engineering group Monadelphous expects to secure more resources and energy contracts after its annual net profit rose 2.5 per cent to $53.5 million, boosted by higher income from a renewable energy joint venture.
Maintenance and industrial services revenue increased 11 per cent to a record $1.3 billion as the company secured contracts on iron ore, alumina and coal seam gas projects.“The resources and energy sectors are expected to provide a significant pipeline of prospects across a broad range of commodities, with expenditure related to energy transition representing an increasingly larger proportion of investment activity over coming years.
Monadelphous’ engineering construction revenue slid 30 per cent to $542 million but maintenance and industrial services revenue increased 11 per cent to a record $1.3 billion as the company secured contracts on iron ore, alumina and coal seam gas projects.However, Monadelphous warned that it remains difficult to get labour and costs continue to escalate.
It told investors in March that Buildtek would cease operations and that it would not have a material impact on net assets or earnings in fiscal 2023.
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