Mining contractor posts record $292m revenue
MACKAY mining contractor Mastermyne delivered record revenue of $292.7 million last financial year, at a 23 per cent surge on the previous year.
The company also posted a 37 per cent boost in net profit to $11.7 million and secured a record order book of $656 million, its FY2020 full year results announcement reported.
Metallurgical coal projects now make up 95 per cent of Mastermyne’s total order book, with new projects won at Aquila and Moranbah North mine last year.
Key contracts were also extended at the Integra, Broadmeadow and Moranbah North projects.
The contractor’s financial results report noted COVID restrictions and impacts globally would likely weigh on coal prices.
But it expected metallurgical coal prices to bounce back sooner than thermal coal.
Safe operations continue to be the company’s primary focus, with lengthy injury-free periods reported across multiple sites.
Mastermyne chief executive Tony Caruso said he was pleased with the result delivered during a “difficult” year.
“It demonstrates the resilience of our business and the resources sector generally,” Mr Caruso said.
“Our balance sheet leaves us in a good position to invest in further growth and to continue to provide a return to shareholders.
“We start the FY2021 well positioned with a record order book and a strong pipeline of new projects.”
Based out of Mackay for more than 20 years, Mastermyne Group Limited is renowned for its specialisation in the underground coal sector and currently employs about 1000 people.