Industrea (IDL) is the modern day equivalent of the picks and shovel suppliers from the early days of mining and business is booming.
Industrea is expecting to report an adjusted net profit after tax for the half of $24.65 million, up 106% on the prior comparative period. The increase in adjusted net profit after tax reflects improved financial results across Industrea’s businesses and the inclusion of trading results from the Huddy’s Mining Services business for the full period.
Reported net profit after tax for the period, of $3.7 million, is inclusive of a non-cash impairment charge on customer contract intangible assets, of $17.18 million. The impairment has arisen from the termination of the Handlebar Hill Open Cut contract.
The first half result is in line with directors expectations and the company reaffirms its full year guidance for FY2009 of adjusted net profit after tax in a range of $42 – $47 million.