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AusGroup posts profit of A$2.05m in Q3

AUSTRALIAN oil and gas construction, maintenance and fabrication firm AusGroup's net profit for the third quarter ended March 31, 2015 was A$2.05 million (S$2.16), up from a net loss of A$1.29 million in the year-ago period, largely due to improved performances on scaffolding, maintenance and major projects, combined with the impact of research and development tax credits during the quarter.

Revenues over the period were up 18.9 per cent at A$86.86 million, compared to A$73.04 million in the corresponding period a year ago.

AusGroup's managing director Gerard Hutchinson said the construction of the port and fuel facility at Port Melville remain on track for completion in mid-2015, and following the award of a number of vessel charter agreements it is now expected that the port and marine services business will be in a position to commence positive contribution in Q1 FY16.

Earnings per share for the quarter were 0.3 cent while net asset value per share was 31.9 cents. No dividends were declared for the quarter.

On Monday, AusGroup's counter closed trading up 4.44 per cent at S$0.235.