SYDNEY Aug 20 Shares in Australian mining
contractor MacMahon Holdings Ltd jumped 18 percent on
Wednesday after the company swung to a full year profit despite
shrinking sales revenue.
MacMahon reported a net profit of A$30.4 million, compared
with a net loss of A$29.5 million a year ago. Last year's figure
included the impact of the sale of its construction business to
majority holder Leighton Holdings Ltd.
MacMahon shares rose as much as 18 percent and were up 13.6
percent at A$0.125 by 0009 GMT.
Including sales of discontinued operations, net profit was
down from A$43.6 million a year ago. The result compared with an
average analyst expectation of A$34.1 million analysts surveyed
by Thomson Reuters I/B/E/S.
MacMahon's sales fell 12.8 percent to A41.02 billion. It has
faced a slowdown in mining activity as Australia's mining
investment boom tailed off.
(Reporting by Byron Kaye)