- Engineering services company Civmec (CVL) has reported steady profits in its latest quarterly financials
- The company generated a net profit of $4 million after-tax in the third quarter of the financial year
- This is in line with $3.8 million and $4.3 million, in the first and second quarters, respectively
- Revenue was also steady, at $95.5 million
- The company’s manufacturing facilities have remained open during the pandemic and Civmec has implemented safety precautions onsite to limit the chance of operational disruptions.
- Civmec shares are up 2.53 per cent at market close, trading for 40.5 cents each
Engineering services company, Civmec (CVL) has reported steady profits in its latest quarterly financials.
The company generated a net profit of $4 million in the third quarter of FY2020, in line with $3.8 million and $4.3 million, in the first and second quarter, respectively.
Revenue was also steady, at $95.5 million, roughly 36 per cent of the company’s year-to-date revenue.
The company’s manufacturing facilities have remained operational during the pandemic. To limit the chance of any disruptions, Civmec has implemented new onsite safety precautions.
CEO Patrick Tallon said Civmec has continued to adjust safety protocols during the pandemic to ensure the company and its clients can remain operating.
“Many sectors of the economy are now experiencing significant pressure, and therefore we are committed to providing a service to the Australian resource and defence sectors to enable them to continue to operate and contribute to the broader economy.
“Our in-house manufacturing capabilities are of major benefit at this time. While many of the measures do come with a cost impact, they are minor compared to the impact that restricted operations could have had on the business,” he said.
Looking forward, Civmec has a further $767 million in its order backlog. The company has been awarded contracts with the oil and gas company Woodside, as well as with metals and minerals companies, Roy Hill and Alcoa.
Civmec expects to complete the new projects between the end of this year and the beginning of 2021.
Civmec shares are up 2.53 per cent at market close, trading for 40.5 cents each.