Hutchies still in the black after horror year for industry
Construction company Hutchison Builders has reported a massive drop in profit from $20.8 million to $2.8 million for the June 30 year.
According to the annual report on the companyās website, the fall came despite increased construction revenue of $3.1 billion, up from $2.6 billion the previous year.
Dividends paid out dropped as well from $212,000 to $197,000.
Earlier this year, Hutchison chair Scott Hutchison said construction demand wasĀ so high his company hadĀ turned down about $14 billion worth of contracts so far this year.
āItās coming in at about a billion dollars a fortnight, and weāre taking on $100 million [of work] a fortnight, if that,ā Mr Hutchinson told the ABC.
He said the company had to be selective about what jobs it took on.
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āWe just canāt do whatās coming in. We have to work out what jobs are going to go ahead so we donāt waste our time on jobs that arenāt going to work,āĀ he said.
A host of the building companies have collapsed this year as supply chain problems and inflation hit balance sheets.
Earlier this year Hutchison said it had not had a good year since 2017.
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