GCS bucks GFC trend

The Perth-based company recorded a net profit after tax of $5.4 million for the half-year to December 2008, 15% up on the previous corresponding period. Revenue was $44.2 million, 56% higher than that of the 2008 first half. The company’s earnings before interest, tax, depreciation, and amortisation were up 30% to $11.9 million. GCS managing director Enzo Gullotti said that the half-year result demonstrated the strong market position of the group in the WA construction services industry. “We are very pleased with the group’s performance in the first half of 2009 and over the past 12 months,” Gullotti said. “Each of our business divisions performed well during the period thanks to positive conditions in the West Australian construction industry, though market conditions became more difficult towards the end of the period.” The first half of FY09 saw GCS expand its footprint in the South West of Western Australia with the acquisition of Coastal Hire, with branches in Bunbury, Busselton, Dunsborough and Margaret River. GCS Group also established its position in WA’s North West Pilbara region through the launch of a new business division in Karratha. The company said the North West division had performed strongly, securing new contracts with companies such as Rio Tinto, Monadelphous, Clough, Leighton Contracting and John Holland Construction. In Perth, GCS was awarded a major formwork and concrete contract at Brookfield Multiplex’s City Square project. The contract, valued at $24 million, was awarded to GCS Group business CASC Constructions.

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