Perenti Global (ASX:PRN) Delivers “Solid” H1 FY22 Results

themarketherald2022-02-22

Perenti Global (PRN) has delivered “solid” financial and operational results for the first half of the 2022 financial year.The global mining services group reported just under $1.2 billion in revenue,...

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Mm101
2022-02-23
Mm101
Ty
YJ13
2022-02-22
YJ13
Good
JjandShaSha
2022-02-22
JjandShaSha
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The company said this reflects a number of underground and surface growth projects.Perenti also posted underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $201.8 million which was roughly in line with the pcp.EBIT was $80.8 million, down 14 per cent on the pcp but in line with the first half of the calendar year 2021. Perenti said the result reflects a consecutive period of growth from the surface business, as well as continued improved earnings from its AMS business.In terms of profits, the company reported a decline in underlying net profit after tax (NPAT) from $44.6 million in H1 FY21 to $34.9 million in H1 FY22.Positively, statutory NPAT came to $41.5 million which marks a significant increase from a statutory NPAT loss of $44.5 million in the pcp. The company attributed the improvement to a significant reduction in one-off items.Managing Director and CEO Mark Norwell said he was pleased with the overall performance over the last six months.“The business has delivered solid consolidated results that show an improvement on the prior half and are consistent with guidance despite the continuation, and in some cases worsening, of macro-economic and operating conditions,” he said.In terms of spending, capital expenditure totalled $184.8 million which was partially offset by $36.2 million from the sale of plant, property and equipment.Net debt increased to $522.5 million and the company had $258.9 million in cash at the end of the period.At the end of the year, Perenti’s work in hand stood at $5.7 billion, including $1.4 billion of contract extension opportunities.The company expects to perform stronger in the current second half as growth projects continue to ramp-up and deliver stronger earnings, including Zone 5, Iduapriem and Savannah.As a result of this, Perenti updated its FY22 revenue guidance to between $2.2 and $2.4 billion.PRN shares were down 6.48 per cent to trade at 75.8 cents at 2:05 pm AEDT.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9030903970,"gmtCreate":1645591406902,"gmtModify":1676534043647,"author":{"id":"3565081661382277","authorId":"3565081661382277","name":"Mm101","avatar":"https://static.tigerbbs.com/01758aa877d9e5a9767d24de3a4e2ff1","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3565081661382277","authorIdStr":"3565081661382277"},"htmlText":"Ty","listText":"Ty","text":"Ty","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9030903970","repostId":1120256526,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9097545433,"gmtCreate":1645511055445,"gmtModify":1676534034825,"author":{"id":"3583202487304124","authorId":"3583202487304124","name":"YJ13","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":6,"crmLevelSwitch":1,"idStr":"3583202487304124","authorIdStr":"3583202487304124"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097545433","repostId":1120256526,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9097543240,"gmtCreate":1645509567840,"gmtModify":1676534034699,"author":{"id":"3579832658908188","authorId":"3579832658908188","name":"JjandShaSha","avatar":"https://static.tigerbbs.com/3e68c1577caf6bf6ad67a3bcb21067c9","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3579832658908188","authorIdStr":"3579832658908188"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097543240","repostId":1120256526,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":18,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1120256526"}