Monadelphous (ASX:MND) profit down $14 million YoY

Company News

by Katrina Bullock

Australian engineering group Monadelphous (ASX:MND) has released its annual report for the period ended 30 June 2020.

Net profit after tax was $36.5 million, down from last year’s $50.6 million.

Revenue was $1.65 billion, up 2.6 per cent year on year as a result of strong demand for maintenance, shutdown and sustaining capital services within the resources sector, particularly in the first half.

EBITDA was $92.1 million. The company says earnings for the second half were significantly impacted by Covid-19 and disappointing levels of profitability in the water Infrastructure business.

The Board of Directors declared a final dividend of 13 cents per share, taking the full year dividend to 35 cents per share fully franked.

Shares in Monadelphous (ASX:MND) are trading 1.46 per cent higher at $10.40.