AJ Lucas Ltd (ASX:AJL) has booked a first half loss of $17.9 million, compared to a profit of $5.7 million for the same period a year before.
The infrastructure and mining services says the result was impacted significantly by the wet weather in Queensland from September to December 2010, in addition to continuing infrastructure constraints and delays due to concerns over the global economy.
In the six months to 31 December AJ Lucas says underlying earnings before interest and tax fell 65 per cent to a loss of $10.9 million. Revenue rose in the period, up 38 per cent to $229.8 million.
Chairman and CEO Allan Campbell says the company expects an improved second half, advising that the coal mines in Queensland have resumed operations faster than originally expected and that demand for the company’s services has increased to catch up on lost production.
No interim dividend has been declared.
In the year to 30 June 2010, AJ Lucas booked a net loss of $7.13 million.
