AusGroupAGC - An AusGroup Company

AusGroup provides a range of fabrication & manufacturing, construction and integrated services to natural resource development companies.

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Home Investors + Media Announcements 2008 AusGroup's 9MFY2008 Revenue Rises 42% to AUD$279.8 million

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AusGroup's 9MFY2008 Revenue Rises 42% to AUD$279.8 million

16 May 2008

AusGroup today announced its results for the nine months ending 31 March 2008 ('9MFY2008'). While the revenue for 9MFY2008 rose, the net profit declined 34% to AUD$8.7 million due to allowance for impairment of trade debtors of AUD$10.3 million.

Financial Highlights
 3QFY2008
AUD'000		 3QFY2007
AUD'000		 Change
%		 9MFY2008
AUD'000		 9MFY2007
AUD'000		 Change
%
Revenue 77,908 71,426 8.7 279,826 197,513 41.7
Gross Profit 13,112 13,795 -5.0 44,886 35,358 26.9
Operating Expenses 17,505 6,322 176.9 32,555 16,415 98.3
Profit Before Taxation -5,067 7,615 166.5 11,675 19,198 -39.2
Net Profit to Equity Holders -5,067 4,798 -205.6 8,675 13,044 -33.5

 

“The results have been impacted by a one off provision of AUD$10.3 million related to a single project being undertaken by our Australian subsidiary. It is disappointing that we have had to make this provision, however we are working hard to resolve issues around this project. I stress this is a one off issue and we are confident in the business outlook for the Group, particularly given the twin exposures we have to the minerals and oil and gas development boom in Australasia. ”

Mr John Sheridan, Managing Director of AusGroup Ltd
The Group continues to benefit from the strong demand for fabrication and construction services within the Western Australian mining / resources sector and the ASEAN and Australian oil and gas sectors. The Group has already secured orders and contracts, to the value of AUD$196 million currently and is well positioned to continue to secure opportunities in these sectors that will underpin Group growth for the next 12 months.

The Group expects margins to remain steady with a trend to improved margins on the back of a strong demand outlook for the Group’s fabrication, machining and construction services.