MACA chief executive Doug Grewar.
MACA chief executive Doug Grewar.

Mining contractor MACA is set to raise more capital after posting a record first-half profit of $22.6 million, up 37 per cent on the previous corresponding period.

The result came on revenue of $207.5 million, up 47 per cent on the previous corresponding period.

The company declared an interim fully franked dividend of 4.5 cents, up from 3.5 cent in the previous corresponding period.

Managing director Doug Grewar said the company's continued strong operating performances and project delivery had been recognised by its clients resulting in further extension of existing work as well as new contract awards during the reporting period.

MACA said its order book stood at a record $1.87 billion at the end of the period, up from $1.4 billion previously.

Full year revenue was forecast to exceed $450 million, up 34 per cent on the 2012 financial year.

"The record half year result further demonstrates the reliable, consistent growth of MACA's earnings, despite what has been a challenging operating environment for mining services companies," the company said in a statement.

"The company is once again well placed to achieve stronger earnings over the second half of the current financial year due to a greater contribution from projects commenced in the first half, together with new projects scheduled to commence in the second half."

MACA shares were in a trading halt pending a capital raising announcement having last changed hands for $2.85.

The West Australian

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