The Brisbane-based supplier recorded a 72% drop in profit after income tax to $13.3 million compared to a year ago despite a 4% increase in sales revenue and a 20% increase in total assets over the 12-month period.

Strong sales performance included $10.2 million for seven 50-tonne longwall carriers for China Energy Coal, $4.4 million for two 5-tonne roof support carriers for Shenfu and $7.2 million for four 55-tonne roof support carriers for Inner Mongolia Yitai Coal Company.

Industrea also noted a $12.6 million deal with Vale Australia for four 70-tonne chock carriers, a 50-tonne dozer and 130-tonne shearer carrier.

The encouraging sales were countered, however, by disappointing performance from the company’s technical division and gas management business.

Industrea chairman David Beddal stressed that although some of the manufacturer’s bottom line might have slipped, acquisition interest from GE had highlighted the group’s long-term strengths.

“GE is an iconic international brand name whose global operations span industry sectors ranging from aviation, energy and finance through to healthcare, lighting and water and on to oil and gas and transportation,” Beddal said.

“They are a dynamic and ever-evolving multinational group that targets its acquisitions very selectively.

“In evaluating and selecting Industrea for acquisition and as a cornerstone from which to expand an Australian mining services division, they have made a definitive statement about our company’s past achievements and its future direction and potential.”

In May, GE proposed to take over Industrea through a scheme of arrangement that values the manufacturer at $470 million.

The scheme is still pending shareholder approval.