SINGAPORE (Feb 13): AusGroup’s 2Q18 earnings almost trebled at A$4.07 million ($4.23 million), compared to A$1.11 million in 2Q17.
Revenue was 41.3% higher at A$150.2 million, compared to A$106.3 million a year ago, mainly due to increased revenue contributions from the work undertaken on core projects in the energy and process sectors.
Cost of sales increased by 43.6% to A$139.0 million from A$96.8 million last year.
Gross profit for the quarter came in at A$11.2 million 17.7% higher than A$9.51 million in 2Q17.
During the quarter, the group recorded other operating losses of A$0.24 million, compared to a gain of A$0.61 million in the previous year, mainly attributed to the loss from the sale of property located at Gap Ridge Industrial Estate in Karratha, West Australia.
Administrative expenses were 51.2% lower at A$1.53 million from A$3.13 million last year, 7 due to the effect of the restructuring activities.
The group also registered a net gain on partial debt restructure of A$0.86 million, which was absent in the same period a year ago.
As at Dec 31 2017, the group’s cash and cash equivalents stood at A$32.2 million.
Shane Kimpton, executive director and CEO of AusGroup says, “The key focus for the group is on safe working, operational delivery excellence and building a solid pipeline of new work.”
Shares in AusGroup closed at 4.3 cents on Tuesday.
