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Net profit after tax was up 16% to $A27.5 million, with revenue growing 6% to $113.5 million.
“Delivering a 16 per cent increase in profit from a 6 per cent increase in revenue is a very good result and reflects strict cost control and careful capital allocation through the global financial crisis,” The MAC chief executive officer Mark Maloney said.
“We achieved this revenue and earnings growth with close to the same number of rooms as we had in fiscal 2009.”
The company lowered its gearing ratio from 27% to 20%, while net debt stands at $38.2 million.
The majority of The MAC’s $125 million bank facility remains undrawn, but the company has a $60 million capital expenditure program planned for the 2011 financial year.
Among the company’s growth plans are new villages in the coal mining areas of the Hunter Valley and Gunnedah Basin, and it is close to finalising the acquisition of land in Karratha.
The MAC will also install a further 1050 rooms at its Bowen Basin villages and a further 2050 rooms at villages in Moranbah, Dysart and Nebo.
