Emeco informed the Australian share market today that its NPAT was in line with market expectations and represented a 20-25% increase in earnings growth year on year.

Emeco recently reported profits of $29.2 million for the first six months of the 2011-12 FY, up 10.1% on the previous corresponding period.

Despite a slower than predicted start to the year in Canada and Indonesia, Emeco managing director Keith Gordon said the second half of the year had picked up significantly.

“We are finishing FY12 with strong utilisation in both of those markets as well as in Australia, and we are seeing strong indications of demand in the Chilean market,” Gordon said.

“With robust underlying utilisation and the growth capital we have invested in the business, we are entering FY13 with solid earnings momentum.”

On the operation front, Gordon said its Australian business had continued to performed strongly with utilisation at about 89% and averaging 90% year to date.

While rain impacted activity levels at some of its customer operations in Queensland and New South Wales during the wet season, this has not directly impacted on the company’s guidance for the FY.

Emeco Canada had also been performing in line with expectations, with the business already reaping the benefits to supply direct to oil companies and reconfiguring the fleet into mining class assets.