- WestStar Industrial (WSI) manages to turnaround its previous half-year loss and deliver a slim unaudited profit of $837,000 at the end of FY21
- The engineering, mining and constructions services business ended December with a $577,000 loss, despite beginning the year with $3.45 million profit
- It’s since reported $71.8 million in revenue, a 15 per cent increase year on year, with $72 million worth of contracts awarded
- WSI says $185 million in contracts have already been signed for FY22, and its expects significant earnings growth in the year ahead
- Shares in WestStar Industrial are down 11.1 per cent at 2.4 cents each
WestStar Industrial (WSI) has managed to turnaround its previous half-year loss and deliver a slim unaudited profit of $837,000 at the end of FY21.
The engineering, mining and constructions services business ended December with a $577,000 loss, despite beginning the year with $3.45 million profit.
It’s since tabled a smaller profit than FY20’s — after its revenue increased by 88 per cent from the half-year to the end of FY21.
All up, WSI had $71.8 million in revenue at the end of the year, a 15 per cent increase year on year.
WestStar’s underlying earnings for the year hit $3.42 million and its total contracts awarded across the 2021 financial year were $72 million.
The company said that number has more than doubled in FY22, with $185 million in contracts have already signed.
WestStar Industrial Group CEO Robert Spadanuda said he expects the company’s earnings to grow across the coming financial year.
“Buoyant economic conditions forecast for the resources, energy and infrastructure sectors in the coming years continue to provide the company with an ever-impressive pipeline of opportunities,” Mr Spadanuda said.
“The 2021 financial year has seen a strong increase in construction activity and the forecast looks to be stronger in the 2022 financial year.
“Robust commodity prices continue to contribute to strong sentiment in the development of new projects across resources and Oil and Gas sectors which are expected to continue providing diverse opportunities to the group.”
Following the release of today’s results, shares in WestStar International were down 11.1 per cent at 2.4 cents each.