$EHL $EHL.ASX its shaping and may go higher from here
$EHL $EHL.ASX its shaping and may go higher from here
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Emeco grows on diversification
Emeco Holdings (ASX: EHL) increased its 2020 financial year revenue 16 per cent to $540m, and boosted its net profit 39 per cent to $87.5m, it said in its results presentation.
“Iron ore revenue more than tripled and gold revenue more than doubled,” said the company, which is seeking to diversify its business that was mostly focused on coal.
Coal mining companies provided 49 per cent of Emeco’s group revenue in the June quarter, down from 65 per cent in the 2019 financial year, it said.
Growth for Emeco is coming through new iron ore and gold projects in WA to replace legacy mines, while in eastern Australia customers are looking for cost effective services amid lower coal prices.
The company recently expanded its range of services with the acquisition of WA-based underground mining equipment provider Pit N Portal and is using data analytics to increase equipment efficiency.
Added to Watch list
Emeco grows on diversification
Emeco Holdings (ASX: EHL) increased its 2020 financial year revenue 16 per cent to $540m, and boosted its net profit 39 per cent to $87.5m, it said in its results presentation.
“Iron ore revenue more than tripled and gold revenue more than doubled,” said the company, which is seeking to diversify its business that was mostly focused on coal.
Coal mining companies provided 49 per cent of Emeco’s group revenue in the June quarter, down from 65 per cent in the 2019 financial year, it said.
Growth for Emeco is coming through new iron ore and gold projects in WA to replace legacy mines, while in eastern Australia customers are looking for cost effective services amid lower coal prices.
The company recently expanded its range of services with the acquisition of WA-based underground mining equipment provider Pit N Portal and is using data analytics to increase equipment efficiency.