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.
Scott Hutchison ... the company's profit dived in 2022-23 (photo Hutchison)
According to the annual report on the company’s 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 was so high his company had turned down about $14 billion worth of contracts so far this year.
“It’s coming in at about a billion dollars a fortnight, and we’re taking on $100 million [of work] a fortnight, if that,” Mr Hutchinson told the ABC.
He said the company had to be selective about what jobs it took on.
“We just can’t do what’s coming in. We have to work out what jobs are going to go ahead so we don’t waste our time on jobs that aren’t going to work,” 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.
