Boom Logistics has sold part of its Victorian-base crane assets for a reported $7.5m. Assets sold include 34 tower cranes and supporting mobile cranes.
The sale will see the company focus on its core crane infrastructure business, primarily in the resources and energy sectors. The crane operator said the asset sale brought in $7.5m gross and net profit of more than $3m.
In a statement Boom Logistics chief executive Brenden Mitchell said the transaction has released company capital previously allocated to a non-core business for investment in higher returns markets.
The company reported an earning of $9m total before interest and tax (EBIT) for the three months to 30 September 2011; the value exceeded the $8.9m EBIT in the six months to 30 June 2011.
The company will release a detailed business update in its AGM on October 28.
Image: Boom Logistics