Engineering company Monadelphous has dismissed declarations the mining boom is over by posting a record profit and saying it had enough resources projects to keep it busy for years.
Perth-based Monadelphous' net profit rose by 44.5 per cent to an above consensus $137.3 million in the year to June 30, from $95.1 million in the previous year.
It is the company's 11th consecutive year of earnings growth and it counts among its key clients the likes of BHP Billiton, Rio Tinto, Woodside, Xstrata and Chevron.
Shares in the ASX100 company - representing the top 100 listed entities - shot up by $1.56, or 7.2 per cent, to $23.26.
Monadelphous has doubled its secured work from the previous two years to a record $2 billion and provided information on Tuesday detailing more than 20 of those current projects around Australia and where capital expenditure is committed by the miners.
Despite market commentary about delays and uncertainty surrounding resources projects, those risks would be managed and the view was for strong resources demand for years to come, chief executive Rob Velletri said in a statement on Tuesday.
"What Monadelphous is seeing is a strong pipeline of engineering construction opportunities, reflecting the numerous large-scale LNG (liquid natural gas), iron ore and coal projects in the early phases of execution," he said.
"The current volume of approved projects, particularly in the LNG sector, will drive strong demand for the next few years."
Any deferrals and flattening in new project demand might actually provide relief to an overheated market, the company said.
IG Markets strategist Stan Shamu described Monadelphous as good bellwether for the Australian economy.
"It really does give a good indication what the sentiment is among the big miners and the conditions we can expect from the resources sector going forward," he told AAP.
It continues the theme of last February's earnings reporting season, when mining services companies were the star performers beating the miners they worked for.
On Monday, Macmahon Holdings posted a record $56.1 million profit, while Boom Logistics, Bradken and Downer EDI have also reported strong profits this month.
Much of it is in the WA and Queensland mining and energy sectors working for majors such as BHP Billiton and Woodside providing construction, engineering, maintenance and other services.
Revenue of $1.9 billion in the year to June was up 31 per cent from $1.4 billion in the previous year.
The company beat expectations declaring a fully-franked final dividend of 75 cents a share, up from 55 cents in the previous corresponding period.
City Index chief market analyst Peter Esho described the result as putting a nail in the coffin of doomsayers predicting an end to mining investment and construction in Australia.
"Many investors have missed the point that even though commodity prices have fallen recently, they are still at very healthy levels in the historical context and the mining boom isn't about to go away anytime soon," he said.
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