GR doubles revenue but profit slips

GR Engineering Services has recorded a reduction in net profit after tax despite substantially higher revenues during the first half of the financial year.

Sales revenue almost doubled to 97.6 per cent to $98.2 million, as the company started worked on MZI Resources' Keystone mineral sands project.

But net profit after tax was down 11 per cent to $6.5 million, despite a 26.9 per cent increase in EBITDA to $9.9 million.

The company, which said it had a net cash position of $50.4 million, announced a 4.5 cent per share interim dividend.

Looking ahead, GR said that the Hemerdon tungsten and tin project, Greater Paraburdoo moisture reduction project and Wetar copper expansion project would add to Keysbrook to deliver consistent revenue in the coming six months.

GR was up 0.5 per cent to 96 cent per share at the time of writing.