Monadelphous Group has delivered a record interim profit of $87.1 million on the back of slightly reduced revenues

Monadelphous Group has delivered a record interim profit of $87.1 million on the back of slightly reduced revenues. The Company has been able to achieve in excess of $30 million in cost savings through a process of "right sizing" the business. Monadelphous CEO, Rob Velletri, said that whilst there was no doubt the engineering work in the mining sector has peaked there remains strong bidding activity in the oil and gas markets. However, the concern remains that once a costs have been stripped out of the business if revenues continue to decline EPS figures will maintain their downwards trajectory. (VIEW LINK)