Mining and rail manufacturer Bradken has boosted first half profit by nine per cent and declared an end to weakness in the mining sector.
Yesterday Bradken posted a net profit of $46.7 million in the six months to December, up from $43 million a year earlier.
But it wasn't all good news for the company, with sales revenue falling slightly from $683.2 million to $680.5m.
“The company's order books have stabilised and there is evidence to suggest that we have reached the bottom of the current cycle,” managing director Brain Hodges said.
“It's not clear to me how long we'll run along at that level or when the upturn will be, but we are relatively stable.”
Efforts to cut costs and lift margins helped boost the manufacturer, which has cut its workforce from 6,500 to 6,000.
Sales from mining consumables, equipment used in the resources sector and regularly replaced, also jumped 15 per cent from a year ago to $209.34 million.
Image: SG Partners
