MDM Engineering announced interim financial results

MDM Engineering Group Limited, BVI-incorporated company focused on the mining industry, reported its interim financial results for the six month period ended 30 September 2013. The company reported strong cash position of UUS$32.0 million, as compared to US$20.1 million in the same period of 2012, and revenue of US$53.6 million (US$78.9 million in 2012). Basic earnings were US8.70 cents per share as compared to US 15.94 cents in the previous year.

In the first half of 2013, the gross profit margin of MDM was 19.9 per cent – 4.1 per cent lower than the gross profit margin for the full year ending 31 March 2013. BVI company reported profit before tax of US$5.0 million for the first half of financial year – a 38 per cent decrease from the comparable period’s profit of US$8.1 million.

In the reported period ended 30 September 2013, MDM continued the execution of four projects secured in the previous period: the Bulyanhulu gold project for ABG in Tanzania, the Namoya gold project for Banro in the Democratic Republic of the Congo, the Kalagadi Umtu manganese project for Kalahari Resources in the Republic of South Africa and the DSF phosphate project for Foskor in South Africa. All these projects are scheduled for completion in calendar year 2014.

MDM’s Chief Executive Officer, Mr. Martin Smith commented on the interim results of the company: “I am very pleased that MDM has produced solid results for the six months ended 30 September 2013 despite the industry suffering a difficult year. We have a high-quality order book continuing through from FY2013 into FY2014 with large projects in execution, contributing to revenue and associated profits. The flagship project for MDM in FY2014 is African Barrick Gold’s Bulyanhulu project in Tanzania which is due for completion in the first quarter 2014 calendar year.”

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