Western Australia’s Matrix Composites and Engineering has lifted its first half profit by 159% to $19.3 million, in lieu of the construction of a new plant at Henderson.
The company manufactures syntactic foam buoyancy and polyurethane devices for the oil and gas industry.
According to a report on Thewest.com.au, Matrix said production at its new Henderson plant would be progressively commissioned with several key processes commissioned from February through to April, resulting in the relocation of warehousing, despatch and finishing during March.
"The group’s Malaga plant will continue to run until July to supplement Henderson production and support new orders," the company said.
Matrix said it was hedged against a strong Australian dollar with several foreign exchange contracts in place priced at about US85c to the $AUD, the report said.
Image courtesy of Thewest.com.au
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