REPORTING SEASON: Bradken Limited (BKN)
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Figure 1: Bradken Limited 12 month chart
Mining and rail equipment provider and manufacturer Bradken Limited (BKN) today reported its FY13 results.
Bradken’s NPAT beat its prior (June 21st 2013) guidance for Underlying Net Profit after Tax of $92Million posting $96.1Million, just below market consensus.
The result included a one-off (pre-tax) charge of $30.4Million relating to Federal Court proceedings associated with the Norcast acquisition (where the Court found against Bradken making the firm pay damages of $22.4Million).
Sales in its rail operation were down 33% over the year (as expected) to $223Million reflecting a fall in demand because of the downturn in the Australian resources sector.
Bradken did see margin increases in both its mining services & mineral processing units.
Bradken management said it “expect mine production to show steady increases again in FY14 for most commodities and energy products.”
BKN will pay a 2H13 dividend of $0.18 a share (below consensus of $0.23) payable on the 13th of September 2013.