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Business Description: Emeco Holdings Limited (EHL) operates as a global fleet of original equipment manufacturer (OEM) machines to deliver suitable equipment rental solutions for customers, with a key focus on global mining industry. Its primary operations are in Australia, but it also has a major presence in Indonesia, Canada and Chile.
Strategy Analysis: EHL seeks consolidation of its leading position in the rental of heavy earthmoving equipment in Australia and Indonesia. It looks to expand its Canadian position, supported by a positive outlook for oil sands activity. The weak European and US businesses have been exited. The company is again looking to expand geographically and is entering the copper rich region of Chile which has been experiencing volume growth. The shift toward larger and longer term mining projects improves the potential for wider margin and longer term deals. A strategy to expand the fleet with a particular focus on larger vehicles i.e. (240 tonne trucks) has helped profitability.
Emeco Holdings reported NPAT down 22.1% to $22.5m for the half-year ended 31 December 2012. Revenues from ordinary activities were $246.7m, down 9.7% from the same period last year. Diluted EPS was 3.70 cents compared to 4.59 cents last year. Net operating cash flow was $101.61m compared to $114.00m last year. The interim dividend declared was 2.5 cents in line with 2.5 cents last year.
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