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Brierty managing director Peter McBain at the Karara iron ore project in the Mid-West. Picture: Peter Williams/The West Australian.
Brierty managing director Peter McBain at the Karara iron ore project in the Mid-West. Picture: Peter Williams/The West Australian.

UPDATE 2pm: Civil and mining contractor Brierty has posted a 19 per cent fall in first half profit to $4.4 million.

The result was achieved on revenue of $148.7 million, in line with the previous corresponding period.

The company maintained its interim dividend at 1.25 cents a share fully franked.

Brierty said it had used cashflow of $11.8 million over the period to lower its net debt position by $9.7 million, cutting its gearing ratio from 30 per cent at the end of June last year to 20 per cent at the end of December.

Brierty managing director Peter McBain said he was pleased with company's solid result, which was achieved during a period of competitive market conditions.

"We have experienced increased competition in the sector which has put some pressure on margins, such as in the civil business," he said.

Despite this, Brierty won 17 projects worth $180 million in the first half from clients including BHP Billiton, Cedar Woods, Karara Mining, LandCorp, LWP, Main Roads WA, the Northern Territory Government, Peet, Perth Airport and Rio Tinto.

Brierty shares closed up two cents, or 5.13 per cent, at 41 cents.

The West Australian

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