UPDATE 1.20pm: Shares in Southern Cross Electrical Engineering slumped after the contractor posted a 17 per cent fall in first-half profit to $4.3 million.
The result was achieved on revenue of $120.6 million, up 43 per cent on the previous corresponding period.
SCEE attributed its lower bottom line profit for the half to the later-than-anticipated timing of the award of the AngloGold Ashanti Tropicana gold project and Rio Tinto Cape Lambert Phase A.
It said forecast revenue and profit on these projects had been deferred to the second half of the year.
The company said the overhead base of the business was increased during the half year to support the growth anticipated from the two projects.
SCEE managing director Simon High said the significant increase in revenue over the period was pleasing and left the company well placed to deliver another record result in 2013.
"While it was disappointing that we could not also report an increase in net profit, were it not for the later-than-anticipated award of key contracts, I am confident this would have been the case," he said.
"The increase in overheads in the period was necessary to support our continuing growth and the business is now appropriately sized for a company aspiring to turnover in excess of $300 million."
SCEE ended the half-year with cash on hand of $46.9 million and an order book of $186 million.SCEE shares closed down four cents, or 3.08 per cent, at $1.26.
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