Waste management company Tox Free Solutions has posted a slight increase in profit despite a dip in revenue, but has increased its return to shareholders.
The downturn in mining and construction activity in Western Australia has delivered a mixed bag of results for several contractors today, with the major surprise being a downgrade in MACA's revenue outlook.
Iron ore miner Fortescue Metals Group will continue slashing costs after first-half profit dropped 4 per cent to $US319 million ($A442 million), as fellow miner BC Iron reported a half-year loss of $62.9 million amid falling prices.
Power generation company Pacific Energy has won a contract to supply electricity to Doray Minerals’ Deflector gold project in the Murchison region for an undisclosed sum.
Local waste management company Tox Free Solutions has won a new contract for work at BHP Billiton’s Olympic Dam mine in South Australia, along with an extension for ongoing work at Chevron’s Western Australian assets, for an undisclosed sum.
Perth-based GR Engineering Services has delivered a strong result despite the doom and gloom of the resources sector, announcing today a rise in profit and an increased dividend payout.
The legal battle between BC Iron and Watpac Civil & Mining has intensified with the mining services company serving a counterclaim to the iron ore miner and its joint venture partner, now seeking about $52.8 million.
BHP Billiton has responded to its mammoth interim loss and the prospect of a prolonged downturn by slashing its dividend and adopting a new management structure that leaves Western Australia without a representative in the company’s leadership group.
Perth-based contractor NRW Holdings has enjoyed another active day on the ASX, closing nearly 50 per cent higher after nearly tripling in value on Friday.
Local gold miners continue to prove there is still money to be made in Western Australia’s resources playground, with Northern Star Resources, Metals X, Ramelius Resources and Saracen Mineral Holdings all closing higher on the ASX.
NRW Holdings emerged from a trading halt this morning with its share price nearly tripling in value on the back of news yesterday that its joint venture with Salini Impregilo had been named the preferred contractor for the $2 billion Forrestfield-Airport Rail link.
Shares in miner and contractor Mineral Resources were up 13 per cent today after it announced dividends of 8.5 cents per share, about 60 per cent larger than what it committed to in November.
Watpac has revealed the financial impact of a dispute with BC Iron and declining work at Pluton Resources’ Cockatoo Island project, including $41.7 million worth of write-downs.
Mineral sands miner Iluka Resources has made good on its commitment to invest further in UK technology company Metalysis, announcing today a $12.2 million injection into the business with plans for another $8.1 million soon.
Southern Cross Electrical Engineering says it has won $20 million in new contracts and extensions since the start of the year, including a contract for work at BHP Billiton’s Jimblebar iron ore mine in the Pilbara.
Gold and nickel miner Independence Group has posted a first-half loss of $78 million on the back of impairments and the acquisition of Sirius Resources late last year.
Iron ore miner Mount Gibson Iron has booked another half-year loss, but it’s a substantial improvement on its performance in the previous year, despite recording a $23.6 million impairment.
Northern Star Resources says it will consider the sale of its Plutonic gold mine near Meekatharra after receiving a number of unsolicited offers from interested parties.
Metals X has once again stepped up its pursuit of Aditya Birla Minerals, announcing today that its off-market $68 million takeover offer is now unconditional, with a quarter of Aditya shareholders already accepting the offer.
Engineering company Monadelphous Group has posted sharp falls in profit and revenue for the six months to December, but says there is a growing pipeline of work in its maintenance services division.
Diversified contractor AusGroup has shocked the market with a $69.8 million quarterly loss, admitting it has been forced to write off long-standing contractual claims in order to boost its cash reserves.
Subiaco-based gold miner Perseus Mining has posted a fall in half-year profit to $12 million on the back of the weaker Australian dollar, but grew revenue by 5 per cent.
Listed companies Alliance Aviation Services and Virgin Australia have teamed up to help grow their respective charter businesses in the national fly-in, fly-out market.
Shares in Perth-based explorer Apollo Consolidated have surged on news it has struck an agreement with gold miner Newcrest Mining for its Seguela project in West Africa.
