Monadelphous posts record profit

Engineering firm Monadelphous has posted a record $79.1 million profit, with strength in the mining and engineering sector boosting the company to new highs.

The record first half profit was up 38 per cent on last year’s result, with the company benefitting from a spate of new work agreements.

“The company's performance in the first half of 2013 reflects the record level of resources and energy developments underway, the unprecedented volume of new contracts secured in the previous financial year and the current intensity of engineering construction activity,” managing director Rob Velletri said in a statement.

“The pipeline of engineering construction opportunities flowing from the large volume of approved projects, particularly in the iron ore and LNG sectors, will continue to drive solid demand for the company's services.”

While the company posted a strong performance it said growth was expected to slow for the rest of the financial year.

Continued expansion into other sectors of the economy was also marked as a key strategy.

“Opportunities for expansion in existing infrastructure markets of water and power and longer term market diversification, including new services and overseas expansion for existing customers, will continue to be pursued,” it said.

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