MACA Limited (Mining and Civil Australia)
MACA Limited (Mining and Civil Australia)
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Australian contractor MACA’s attributable net profit after tax has plunged 28% to $A12M in the Dec 2017 half (H1 18) from H1 17, primarily due to a one-off $6.5M loss from underperforming contracts by its mining equipment supply arm Interquip.
However, the result wasn’t quite as bad as the foreshadowed 33% fall, with revenue up 18% to $285M, but EBITDA sliding 28% to $37.8M and down on revised expectations of $39M-$41M, with pre-tax profit down 44% to $14M.
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Australian miner Blackham Resources has accessed high-grade ore zones, delivered record gold production and achieved a step-change in project economics - and at the same time ended a looming debt crisis. John Feary reports
West Australian mining contractor MACA has come forward with a $A14.3M secured loan facility to enable Blackham Resources to progress its recapitalisation following the collapse in Dec of a major funding package.
The MACA loan has enabled Blackham to repay a $16.1M secured loan with Orion Fund JV and gives it 14 months breathing space before any principal repayment obligations.
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Australian contractor MACA warns it faces profit falls of up to 33% for the Dec 2017 half-year due to underperforming contracts by its mining equipment supply arm Interquip and its civil and infrastructure divisions in Victoria.
MACA now forecasts EBITDA for H1FY18 will be $A39-41M, down from $52.2M in H1FY17 and $99.2M for the year to end-June.
NPAT guidance also drops to $10-12M from $16.6M in the corresponding half and $32.1M in FY17.
Revenue forecasts are unaffected, but MACA has yet to calculate any potential impairment on carrying values.
MACA has prepared itself for strong growth in the Australian mine contracting sector with the raising of about $A60M through a heavily over-subscribed placement of 33.4M shares at $1.80, a 7.5% discount to VWAP.
MD Chris Tuckwell says its strong balance sheet ideally positions MACA to win new work from a very strong pipeline and pursue growth opportunities.
The placement is being made to predominantly institutional and sophisticated investor clients of sole lead manager Hartleys.
Pre-stripping is set to begin in Nov at Pilbara Minerals' 100%-owned Pilgangoora lithium-tantalum project following the award of the Stage 1 mining, drill & blast, load & haul contract to West Australian contractor MACA.
The initial 2-year contract, with options for up to 3 more years, is based on mining 8Mtpa by conventional excavator+truck methods to produce 2Mtpa ore feed. Forecast revenue is $A35Mpa over the initial 2 years.*
Australian contractor MACA says continuing growth of its operational activities in gold have helped lift NPAT for the year to end-June (FY17) to $A32.1M, up from $24.2M in FY16. The result was achieved on revenue of $497.9M ($431.4M).
EBITDA rose to $99.2M ($90.7M). Operating cash-flow rose to $68.1M ($64.1M).
MACA ended the year with contracted work in hand of $1.13B ($1.16B) and a strong balance sheet with $64.2M net cash.